Multiple Choice
The demand function for small business computers in the United States is given by x = 200 - 10p, where x is annual sales measured in thousands of computers and p is the price of a computer measured in thousands of dollars.Japanese firms supply a big share of these computers.They measure prices in yen where 150 yen equal 1 dollar.The price of 1 computer is $10,000.Let Eu be the price elasticity of demand at this price as calculated by US firms who measure in dollars, and let Ej be the price elasticity of demand at the same $10,000 price but measured in yen by the Japanese firms.Which of the following are the values of Eu and Ej, respectively?
A) -1, 2150
B) -1, 21
C) -2, 22
D) -2, 2300
E) -2, 20.0133
Correct Answer:
Verified
Correct Answer:
Verified
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