When the price of a latte increases from $2 to $3, the quantity demanded decreas

Question

When the price of a latte increases from $2 to $3, the quantity demanded decreases from 100 per week to 83 per week. Using the midpoint method, the price elasticity of demand is


2.11.

0.46.

36.4.

0.03.

A surplus of cardboard boxes means that


at the current price of a cardboard box, the quantity demanded is less than the quantity supplied.

at the current price of a cardboard box, the quantity demanded exceeds the quantity supplied.

the current price of a cardboard box is less than the equilibrium price.

at the current price of a cardboard box, the quantity demanded equals the quantity supplied and the price will fall to restore the equilibrium..

More information is needed to determine if the price of cardboard boxes is higher than, lower than, or equal to the equilibrium price.


A supply curve differs from a supply schedule because a supply curve


is a graph and the supply schedule is a table.

represents all firms in the market, whereas the supply schedule represents one firm.

holds the number of suppliers constant, whereas the supply schedule allows the number to vary.

represents one firm, whereas the supply schedule represents all firms in the market.

holds resource prices constant, whereas the supply schedule allows them to vary.

Explanation / Answer

1. 0.46 A surplus of cardboard boxes means that : at the current price of a cardboard box, the quantity demanded is less than the quantity supplied. A supply curve differs from a supply schedule because a supply curve is a graph and the supply schedule is a table.

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