D Question 20 Auctions in recent years have resulted in higher prices paid for l

Question

D Question 20 Auctions in recent years have resulted in higher prices paid for letters written by John Wilkes Booth than those written by Abraham Lincoln. Which of the following events would cause the price differences in these letters to get smaller? 4 pts The demand for Lincoln letters increases and the supply of Booth letters increases. O The demand for Lincoln letters decreases and the demand for Booth letters increases D Question 21 Jenna runs a small boutique in Capitola. She tells one of her suppliers 4 pts that she is willing to pay S6 for a pair of wool hand warmers and not a dime more basis of this information, what can you conclude about her price elasticity of demand for wool hand warmers? O it is perfectly elastic.

Explanation / Answer

Auctions in recent years have resulted in higher prices paid for letters written by john wilkes booth than those written by Abraham Lincoln. The demand for lincoln letters increases and supply of booth letter increases would cause the price differences in these letters to get smaller.

Jenna runs a small boutique in Capitola. She tells one of her suppliers that she is willing to pay $6 for a pair of wool hand warmers and not a dime more . On the basis of this infomation , we can conclude that her price elasticity of demand for wool hand warmers is perfectly elastic. Because she doesn't want to pay more than $6 , soher demand curve looks like a horizontal line.

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