ECN104 Midterm: ECN 104 MID TERM

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Figure 2: last year, joan bought 50 kilograms of hamburger when her households income was 000. This year, the household income was only 000 and joan bought 60 kilograms of hamburger. What is the elasticity of demand from point a to point b, using the midpoint method: 0. 4, 1. 0, 1. 5, 2. 5. When the rental price of dvd movies is , denise rents five per month. When the price is , she rents nine per month. Complete the following: two goods are substitutes if a decrease in the price of one good. Ryan tells you that he thinks the price of potato chips, his favourite food, will decrease in the near future. How will he probably respond: by decreasing his current demand for chips, by not changing his current demand for chips, by increasing his current demand for chips, by currently refusing to buy any more chips.

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