Refer to the Accompanying Table

question 7

Multiple Choice

Refer to the accompanying table.When the price drops from $5 to $3,price elasticity of demand for sushi (using the midpoint method) at an income of $30,000 is:

• A)0.71.
• B)0.67.
• C)0.10.
• D)0.33.
• E)-0.67.

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Definitions:

Export Supply Curve

A graphical representation that shows the relationship between the price of a good on the international market and the quantity of the good that a country is willing to export.

Export Supply Curves

Graphical representations showing the relationship between the price of a good on the international market and the quantity of the good that a country is willing to export.

Import Demand Curves

Graphical representations that show the quantity of goods a country is willing to import at different price levels.

Upsloping

Describes a line or curve on a graph that moves higher as it goes from left to right, indicating an increase in the variable being measured.