From the Accompanying Table, We Would Expect That, for Recreational

question 81

Multiple Choice

From the accompanying table, we would expect that, for recreational skaters, the price elasticity of demand for ice skates between $10 and $20 to be than that of hockey players because . $$\begin{array} { | l | c | c | } \hline \begin{array} { l } \text { Price of Ice } \\\text { Skates }\end{array} & \begin{array} { l } \text { Quantity Demanded } \\\text { (hockeyplayers) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { Demanded } \\\text { (recreational } \\\text { skaters) }\end{array} \\\hline \$ 10 & 95 & 70 \\\hline \$ 20 & 85 & 50 \\\hline \$ 40 & 75 & 35 \\\hline \$ 50 & 65 & 45 \\\hline \$ 60 & 60 & 50 \\\hline\end{array}$$

• A) more elastic; ice skates are a normal good
• B) less elastic; ice skates are an inferior good
• C) the same; they both skate
• D) more elastic; recreational skaters can substitute other activities
• E) less elastic; hockey players need skates

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Definitions:

Present Value

The value today of a sum of money or cash flows expected in the future, discounted at a certain rate of return.

Maturity Value

The amount that will be paid out or received, including principal and interest, upon the expiration or maturity of a financial instrument.

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Balance

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