Suppose you own a bookstore where you currently sell 22 John Grisham mystery novels per day at a price of $35 per book. However, if you were to reduce the price to $30, then you would sell 26 John Grisham mystery novels per day. Using the midpoint formula, what is the price elasticity of demand for John Grisham mystery novels? nothing. (Enter a numeric response using a real number rounded to two decimal places. Don't forget the minus sign.) In this price range, the demand for John Grisham mystery books is ▼ inelastic elastic .

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The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.

Utilization will always be lower than efficiency because: a. effective capacity is greater than design capacityb. expected output is less than actual output.c. effective capacity equals design capacity.d. effective capacity is less than design capacity.e. expected output is less than rated capacity.