Use the diagrams below to answer the following questions: Price per gallon ($) Milk Demand in Gallons 4.00 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.00 A B D 0 1 2 3 4 5 6 7 8 9 10 Quantity (gallons per month) K7 Price per gallon ($) Milk Demand in Quarts 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.00 A B -D 0 4 8 12 16 20 24 28 32 36 40 Quantity (quarts per month) N The diagram on the left depicts Marley's demand for milk in gallons. If price falls from $2.25 per gallon to $1.75 per gallon, gallons purchased would increase from 3 to 7 gallons (4 gallons) per month. The slope of this demand curve is (Enter your response rounded to three decimal places.) The diagram on the right depicts Marley's demand for milk in quarts. If there is an identical price decline, quarts purchased would increase from 12 to 28 (16 quarts) per month purchased. The slope of this demand curve is (Enter your response rounded to three decimal places.)
Use the diagrams below to answer the following questions: Price per gallon ($) Milk Demand in Gallons 4.00 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.00 A B D 0 1 2 3 4 5 6 7 8 9 10 Quantity (gallons per month) K7 Price per gallon ($) Milk Demand in Quarts 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.00 A B -D 0 4 8 12 16 20 24 28 32 36 40 Quantity (quarts per month) N The diagram on the left depicts Marley's demand for milk in gallons. If price falls from $2.25 per gallon to $1.75 per gallon, gallons purchased would increase from 3 to 7 gallons (4 gallons) per month. The slope of this demand curve is (Enter your response rounded to three decimal places.) The diagram on the right depicts Marley's demand for milk in quarts. If there is an identical price decline, quarts purchased would increase from 12 to 28 (16 quarts) per month purchased. The slope of this demand curve is (Enter your response rounded to three decimal places.)
Chapter6: Elasticities
Section: Chapter Questions
Problem 5P
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