Youhavejustbeenhiredasabusinessconsultanttodeterminewhatpricingpolicywouldbeappropriateinordertoincreasethetotalrevenueofabakery.Thefirststepyouwouldtakewouldbeto
A. increase the price of every loaf of bread in the store.
B. look for ways to cut costs and increase profit for the bakery.
C. determine the price elasticity of demand for the bakery's products.
D. determine the price elasticity of supply for the bakery’s products.
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Whichofthefollowingshouldbeheldconstantwhencalculatinganincomeelasticityofdemand?
A. the quantity of the good demanded
B. the price of the good
C. income
D. All of the above should be held constant.
Iftwogoodsarecomplements,theircross-priceelasticitywillbe
A. positive.
B. negative.
C. zero.
D. equal to the difference between the income elasticities of demand for the two goods.
Thepriceelasticityofsupplymeasureshowmuch
A. the quantity supplied responds to changes in input prices.
B. the quantity supplied responds to changes in the price of the good.
C. the price of the good responds to changes in supply.
D. sellers respond to changes in technology.
Becausethedemandforwheattendstobeinelastic,thedevelopmentofanew,moreproductivehybridwheatwouldtendto
A. increase the total revenue of wheat farmers.
B. decrease the total revenue of wheat farmers.
C. decrease the demand for wheat.
D. decrease the supply of wheat.
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