The Figure Above Shows the Supply Curve for Roses

question 155

Multiple Choice

The figure above shows the supply curve for roses.
-Suppose a decrease in supply raises the price from $4.00 to $5.50 and decreases the quantity demanded from 2,000 to 1,500.Using the midpoint method,the elasticity of demand equals

• A) 2.10.
• B) 1.11.
• C) 0.90.
• D) 0.72.
• E) None of the above answers is correct.

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Definitions:

Inclined Lines

Lines that are drawn at an angle to a base line, used in drawings and diagrams to represent slopes or angled surfaces.

Isometric Drawing

A method of graphical representation showing a three-dimensional object in two dimensions, with all axes drawn at equal angles (typically 120 degrees from each other).

Isometric Circle

An ellipse representation of a circle viewed in isometric projection, used in technical and engineering drawings.

Ellipse

A geometric shape resembling a flattened circle, with two focal points, from which the sum of the distances to any point on the ellipse is constant.