32. Using the Midpoint Method, what is the price elasticity of demand for Kumquats? (a) 1.8 (b) 1.5 (c) 0.67 (d) 1.36

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Tod ThielLv2

20 May 2018

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Use the following information to answer the next 2 questions. Suppose that the price of Kumquats rises from $3 to $5 and the quantity of Kumquats demanded falls from 11 to 5. 31. Using the Midpoint Method, what is the percentage change in the price of Kumquats? (a) 66.7% (b) 40% (c) 50% (d) 60%

39. What is the socially optimal or efficient quantity of Kumqats? (a) 25 Kumquats. (b) 10 Kumquats. (c) 5 Kumquats. (d) 30 Kumquats.

39. What is the socially optimal or efficient quantity of Kumqats? (a) 30 Kumquats. (b) 5 Kumquats. (c) 25 Kumquats. (d) 10 Kumquats.