A producer raises the price of their good from $33 to $75 and see the quantity demanded decrease from 65 to 60. Please calculate the elasticity using the midpoint method and classify the elasticity as elastic or inelastic. Does this coefficient make sense? What is a possible reason that we got the coefficient we did?

What kind of economic system does the following statement describe? Select the best answer. A country where people are able to sell what they want Answer This is an example of a traditional economy. This is an example of a market economy. This is an example of a command economy.