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 : Minimum wage laws for unskilled and

The capability of unskilled workers to compete against skilled workers for jobs tends to be decreased by: (1) progressive income taxes. (2) laws which impose excessive legal minimum wages. (3) speculation and arbitrage. (d) inflationary balance of trade deficits. (5)

Q : Income Effects-Inferior Goods I have a

I have a problem in economics on Income Effects-Inferior Goods. Please help me in the following question. When monetary prices drop and the quantity of a good your family purchases reduces as the purchasing power of your family income has risen, the good is a/an: (1)

Q : Problem on Consumer Sovereignty The

The phrase ‘dollar votes’ refers to the consumers: (1) Voting patterns in the national elections. (2) Recognizing what goods are produced. (3) Each containing an equivalent says about what is generated. (4) Being subservient to big firms.

Q : Profit Maximization-Labor Markets

When after hiring the very last worker, the organization’s profit is similar as it was prior to the last worker was hired, the firm must: (1) Hire more workers to raise the profit. (2) Layoff several workers to raise gain. (3) Not hire any more workers. (4) Shut

Q : Agency Shop Agreements-Labor contracts

I have a problem in economics on Agency Shop Agreements-Labor contracts. Please help me in the following question. The labor contracts having agency shop arrangements need: (1) Staff of the firm to pay dues to union. (2) The firm to hire just union me

Q : Condition for deficit in balance of

What is the condition when there is a deficit in balance of trade? Answer: When import > export

Q : Linear supply curves-elasticity for

A straight-line that positively sloped supply curve which starts from the basis is: (w) elastic for all prices and quantities. (x) inelastic for all prices and quantities. (y) unitarily elastic for all quantities and prices. (z) negatively associated

Q : Monopsonistic exploitation-Labor union

Can someone please help me in finding out the accurate answer from the following question. Labor union contracts, a comparable significance rule, or minimum wage laws might boost equilibrium employment when a firm has been practicing: (i) Blacklisting

Q : Price ceiling set below equilibrium A

A price ceiling set below equilibrium will raise the: (w) quantity supplied. (x) good’s opportunity cost to buyers. (y) sellers’ profits. (z) rate of excess supply. How can I solve my economics

Q : Question based on balance sheets Help

Help me to solve this problem. Refer to the given balance sheets. If the reserve ratio is 25%, the maximum money-creating potential of the commercial banking system is: A) $36. B) $17. C) $48. D) $24.

Discover Q & A

Leading Solution Library

Avail More Than 1449618 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1958583
Asked

3,689

Active Tutors

1449618

Questions
Answered

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

Submit Assignment