The price of canned pumpkin increases from $1.00 to $1.50 (50% increase) at the start of November.

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The price of canned pumpkin increases from $1.00 to $1.50 (50% increase) at the start of November. The equilibrium quantity sold at a local market increases from 200 in October to 400 in November (100% increase).

This seems to be due to an increase (shift) in demand, but the supply curve has not changed. Then both of these points are on the supply curve.

Based on this data, it seems like the price elasticity of _______ is _______

A. Supply.2

B. Supply, 4.

C. Demand, -2

D. Demand, 4

Related Book For answer-question

Macroeconomics Principles Applications And Tools

ISBN: 9780134089034

7th Edition

Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez

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Posted Date: Jan 31, 2024 03:40 AM

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The price of canned pumpkin increases from $1.00 to $1.50 (50% increase) at the start of November.

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