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ECS1501-25-EX10B
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A farmer can plant either wheat or tobacco. Over time, consumers realise the adverse health effects of smoking and stop smoking. What will then happen to the equilibrium price and equilibrium quantity of wheat?
The demand for a product is said to be effective when _____
When the price of tutti fruttis increases from R1.55 to R2.00, the quantity demanded decreases from 220 to 160. What is the price elasticity of demand for tutti fruttis in this price range? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places.)
What happens to the equilibrium price and equilibrium quantity of a good if both the producers and the consumers of that good expect its price to be higher in the future?