In 2014, the total number of refrigerators demanded was 280,000 units at $200 per unit. The following year, this number increased to 300,000 units at the same price. Which of the following events could be a potential reason for the increase in demand? (Note: More than one option may be correct.) An increase in the price of laptops A fall in the price of electricity due to government subsidies The expectation that the cost of electronics will increase in the future due to new tax policies

Suppose that the percentage change in supply is 15%, the price elasticity of supply is 3, and the percentage change in the equilibrium price is 3%. What is the price elasticity of demand? A) 3 B) 0 C) 1     D) 2   Suppose that the percentage change in supply is 25%, the price elasticity of demand is 1, and the percentage change in the equilibrium price is 5%. What is the price elasticity of supply? A) 2 B) 5 C) 4     D) 0   Suppose that the percentage change in demand is 16%, the price elasticity of demand is 1, and the percentage change in the equilibrium price is 4%. What is the price elasticity of supply? A) 2 B) 1 C) 3     D) 0

Which of the following would NOT cause an increase in demand for Canadian canola? The price of Canadian canola falls. People are worried about the availability of canola in the future, and so they are hoarding (stockpiling) it now. Other countries need canola to feed their livestock (such as pigs), but they are not able to grow enough themselves. The price of other similar plants increases.

Sales of bananas have dropped from 100,000 pounds to 75,000 pounds per day because a freeze resulted in a smaller supply. In the process, the average price of a pound of bananas has risen from $0.80 to $1.00. Which of the following is most likely true? The demand for bananas has increased because of the increase in price.The demand for ice cream (used in banana splits) is likely to decrease.The price of tapes will rise about 25 percent.The total revenue (P times Q) from sales has risen.The quantity demanded of ice cream will increase. Flag this Question