The three basic questions in Economics are all of these,except When to produce
Answer:
to provide I
or produce mealie meal for the country and improve the country's production in food and farming.
What is the question you are asking
Answer:
since the price elasticity of demand for students is -4, the the price charged to them should be:
price = [-4 / (-4 + 1)] x $6 = (-4 / -3) x $6 = $8
since the price elasticity of demand for faculty is -2, the the price charged to them should be:
price = [-2 / (-2 + 1)] x $6 = (-2 / -1) x $6 = $12
