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In the town of Skateville, average income falls by 20% due to a recession. As a result, sales of skateboards fall by 15%. The income elasticity of demand is _____, and skateboards are a(n) _____ good.

A negative cross elasticity of demand means that two goods are _____, while a negative income elasticity of demand means that a good is a(n) _____ good.

Using the midpoint method, the price elasticity of demand between points a and b on the graph is

Which factor would increase elasticity of demand the MOST?

The day after Halloween, grocery stores discount the price of candy from $4 per bag to $2 per bag. The percentage change in price using the base method is _____ and using the midpoint method is _____.

Due to a drought in Georgia, the market price for peanuts rises by 20% nationwide. If the price elasticity of demand for peanuts is 0.8, what would happen to total revenue for peanut farmers who were not affected by the drought?

If the price of snorkeling tours decreases by 15% and this leads to an increase in the quantity demanded of 30%, the price elasticity of demand is _____ and the demand for snorkeling tours is _____.

Using the midpoint method, the price elasticity of demand between points a and b on the graph is

Which factor would increase elasticity of demand the MOST?

What process allows to produce an RNA molecule from a DNA template?