Neem Products sells its Ayurvedic Neem toothpaste in two completely isolated markets with demand schedules as shown in Table 15-5. The average cost of production is constant at $2 per tube.
-Refer to Table 15-5. Which of the following statements is true about the two markets?
A) The demand in Middle Fall is more price elastic than the demand in West Fall.
B) The demand in Middle Fall is less price elastic than the demand in West Fall.
C) The demand in Middle Fall is more income elastic than the demand in West Fall.
D) The demand in Middle Fall is less income elastic than the demand in West Fall.
Correct Answer:
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