Business, 08.01.2020 02:31 noorshular

Decide whether you agree or
disagree and explain your answer.
a. if the elasticity of demand for cocaine is —.2 and the drug
enforcement administration succeeds in reducing supply
substantially, causing the street price of the drug to rise by
50%, buyers will spend less on cocaine.
b. every year christmas tree vendors bring tens of thousands of
trees from the forests of new england to new york city and
boston. during the last two years, the market has been very
competitive; as a result, price has fallen by 10 percent. if the
price elasticity of demand was —1.3, vendors would lose revenues
altogether as a result of the price decline.
c. if the demand for a good has unitary elasticity, or elasticity
is —1, it is always true that an increase in its price will lead to
more revenues for sellers taken as a whole.

Answers: 2

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Decide whether you agree or
disagree and explain your answer.
a. if the elasticity of de...

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