Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 5SQP: Suppose a university raises its tuition from 3,000 to 3,500. As a result, student enrollment falls...
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Question
Supposed favourable weather increased the supply of tomatoes so that the price of tomatoes fell from $45 a ton to $35 a ton and quantity sold increased from 300 tons to 420 tons. What is the value of the price elasticity of demand ? Use the mud point formula and mention elastic or inelastic
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