Answer:
Many economists believe that the market for wheat in the United States is an almost perfectly competitive market. If one firm discovers a technology that makes its wheat taste better and have fewer calories than all other wheat offered in the market, the wheat market would become less competitive because the products would no longer be similar in the wheat market- Option c.
Explanation:
Option c is the correct answer- the products would no longer be similar in the wheat market, the reason being that people with different taste preferences would prefer either of the two kinds of wheat available in the market, therefore making them less concentrated.
Answer:
2.33 ; demand for movies is elastic
Explanation:
The computation of the price elasticity of demand is presented below:
= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of price)
where,
Change in quantity demanded is
= Q2 - Q1
= 30 - 15
= 15
And, an average of quantity demanded is
= (30 + 15) ÷ 2
= 22.50
Change in price would be
= P2 - P1
= $8 - $6
= $2
And, the average of price is
= ($8 + $6) ÷ 2
= 7
So, after solving this, the price elasticity of demand is 2.33
Since it is not given by which method we have to calculate it. So, we use the mid point formula.
Based on the above calculation, we concluded that the demand for movies is elastic
Answer:
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