Suppose that the quantity of orange juice demanded falls from 103,000 quarts per week to 97,000 quarts per week as a result of a 10 percent increase in its price. The price elasticity of demand for orange juice is therefore

Question 3 options:

0.6.

6.0.

1.97.

1.03.

impossible to compute unless we know the before and after prices.

Anew japanese restaurant opens two blocks from your home. the owner, reiko, is a personal friend of yours. you don't particularly like japanese food, but you decide to go anyway; however, there is nothing on the menu that sounds appealing. unfortunately, it turns out that most of the people in your town don't like japanese cuisine either. reiko confides that business is not good, but she isn't sure what to do from an economic standpoint. which of the following would most likely describe adam smith's perspective on this problem? select one: a. reiko should ask the government for assistance. b. reiko should close the restaurant and find a different career. c. reiko should lay off workers and do everything herself to save money. d. reiko should add other foods to the menu and offer discounts to attract more people to her restaurant.