Suppose that a demand curve exhibits two points. initially, at price p 0 , the quantity demanded is q 0 . when price changes to p 1 , quantity demanded is q 1 . move the components of the midpoint formula for elasticity of demand to their correct positions.

Because the demand for wheat tends to be inelastic. true or false

Miller company’s most recent contribution format income statement is shown below: total per unit sales (20,000 units) $300,000 $15.00 variable expenses 180,000 9.00 contribution margin 120,000 $6.00 fixed expenses 70,000 net operating income $ 50,000 required: prepare a new contribution format income statement under each of the following conditions (consider each case independently): (do not round intermediate calculations. round your "per unit" answers to 2 decimal places.) 1. the number of units sold increases by 15%.

Matthew decides to buy expensive designer jeans. less expensive jeans are available, but the added cost of the designer brand is worth it to matthew most likely because