Find price elasticity of demand for double steel sales

Suppose yearly steel sales double to 80 million tons while the price falls $40 per ton, to $180 per ton. Therefore price elasticity of demand for steel is approximately: (w) 3.333. (x) 10.000. (y) 2.500. (z) 6.667.

Please choose the right answer from above...I want your suggestion for the same.

View Complete Question

Related Questions in Microeconomics

Q : Market Demand versus Individual Demand

What is the difference between Market Demand and Individual Demand?

Q : Older or disabled poverty The

The proportion of older or disabled Americans suffering throughout severe poverty has been most sharply decreased due to such programs as: (w) Social Security and Medicare. (x) negative income taxes. (y) food stamps and subsidized housing. (z) the Emp

Q : Elimination of exploitation The removal

The removal of exploitation of labor [that is, wage payments beneath the value to society of each and every individual worker’s productive contribution] is automatic when business decision makers: (1) Should set wages via collective bargaining agreements with th

Q : Oligopoly and economic welfare in long

In an oligopoly, as opposite to monopolistic or pure competition, industry output within the long run is probable to be: (1) lower along with reduced prices. (2) about similar but with higher prices. (3) lower and with higher prices.

Q : What is Complements Complements : The

Complements: The two goods for which a rise in the price of one good leads to a reduction in the demand for other.

Q : Slopes of demand and supply curves The

The slopes of demand and supply curves are frequently: (w) misleading as guides to price elasticities. (x) independent of the units measuring changes in price and quantity. (y) highly dependent upon each other. (z) used to forecast changing consumer t

Q : Comparative statics and consumer demand

Explain the methodological procedure called comparative statics. What does this procedure imply regarding the nature of the consumer demand curve?

Q : Spending pattern for maximizing utility

The consumer maximizes utility if spending patterns cause: (1) Level of net utility to increase each time purchases are modified. (2) Marginal utilities of each and every good consumed to be equivalent. (3) Principle of corresponding marginal utilities per dollar to b

Q : Interest rate falls by liquidity When

When households shift by an emphasis on cash into their portfolios and more stocks and bonds since they have become more willing to hold less liquid assets, in that case the: (w) interest rate rises. (x) present value of future income falls. (y) inter

Q : Income elasticity of demand Income

Income elasticity of demand: Income elasticity of demand is the degree of receptiveness of demand to the modification in income.

Discover Q & A

Leading Solution Library

Avail More Than 1460086 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1931443
Asked

3,689

Active Tutors

1460086

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment