The Price Elasticity of Demand for Potatoes Is Estimated to Be

question 71

Multiple Choice

The price elasticity of demand for potatoes is estimated to be -1.3,and the quantity demanded of potatoes is 3,000 bushels per week.In this situation,a 4% rise in the price of potatoes would reduce the quantity demanded by

• A) 92 bushels per week.
• B) 120 bushels per week.
• C) 156 bushels per week.
• D) 975 bushels per week.

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Definitions:

Diaphragm Spring

Diaphragm spring is a type of spring used in clutch and brake applications, characterized by its conical shape, which allows it to exert a clamping force while enabling control over engagement and disengagement.

Angle Spring

A type of spring that is designed to work at a specific angle or to manage forces applied at an angle relative to its axis.

Linehaul Truck

A type of truck designed for the long-distance transport of goods, typically between cities or over highways.