Homework Answers
The correct option is relatively price elastic.
Demand is relatively price elastic if quantity changes by proportionately larger percentage than the percentage change in price. Here quantity demanded falls by a proportionately larger percentage than the percentage increase in price. Hence, using above definition of relative price elastic we get to a conclusion that this demand is relatively price elastic. Hence option (b) is a correct.
Add Answer to:
If, for a given percentage increase in price, quantity demanded falls by a proportionately larger percentage,...
If, for a given percentage increase in price, quantity demanded falls by a proportionately larger percentage, then...
If, for a given percentage increase in price, quantity demanded falls by a proportionately larger percentage, then demand is relatively price elastic. relatively price inelastic. unit price elastic. perfectly price elastic OOOO
If a small percentage increase in the price of a good results in a large percentage...
If a small percentage increase in the price of a good results in a large percentage reduction in the quantity demanded of the good, demand is said to be Question 6 options: a) of unitary elasticity. b) relatively inelastic. c) relatively elastic. d) perfectly inelastic.
If the quantity demanded of a product drops to zero with an increase in its price,...
If the quantity demanded of a product drops to zero with an increase in its price, then the demand for that product is said to be _____. a. inelastic b. unit elastic c. perfectly elastic d. perfectly inelastic
If the quantity demanded of juice decreased by 15% when the price of juice increased by...
If the quantity demanded of juice decreased by 15% when the price of juice increased by 10%, the price elasticity of demand for juice is , and the demand for juice is said to be 2/3: elastic c. 3/2; elastic b. 2/3: inelastic d. 3/2; inelastic If the absolute value of the price elasticity of demand for milk is equal to 0.6, the demand for milk is: a relatively elastic. C. relatively inelastic, b. unit elastic. d. perfectly inelastic, demand...
1. At a price of $5, quantity demanded is 70; and at a price of $7,...
1. At a price of $5, quantity demanded is 70; and at a price of $7, quantity demanded is 50. Since total revenue ________ by the price increase, demand must be ________. A.is unchanged; unit elastic B.is increased; elastic C.is decreased; inelastic D.is unchanged; elastic 2. Demand determines ________ entirely when ________ is perfectly inelastic. A.quantity; supply B.price; supply C.price and quantity; supply D.price and quantity; demand
When the price of Gatorade is $2 per bottle, the quantity demanded is 500 bottles per...
When the price of Gatorade is $2 per bottle, the quantity demanded is 500 bottles per at the local grocer. When the price falls to $1 per bottle, the quantity demanded increases to 1000. Given this information, the demand for Gatorade is A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic.
NAME SECTION LAST NAME FIRST NAME PRICE ELASTICITY OF DEMAND price elasticity of demand measures how...
NAME SECTION LAST NAME FIRST NAME PRICE ELASTICITY OF DEMAND price elasticity of demand measures how much in percentage terms demand fails to the left) when price is demandes (shifts to the right when price ralls quantity demanded falls when price is quantity demanded rises when price rises the graphs below to answer questions 2 and 3. Graph A Price Price Graph B Demand Demand - Quantity Quantity demand. Graph A represents unit elastic zer elastic perfectly inclastic perfectly elastic...
If a 10% increase in the price of beer reduces the quantity demanded by 8%, then...
If a 10% increase in the price of beer reduces the quantity demanded by 8%, then demand for beer is Inelastic** elastic unit elastic had increased had decreased The answer is A, but I thought that whenever quantitity demanded changes as a result of price change that makes it Elastic? Please explain!
The price elasticity of demand is equal to the percentage change in price divided by the percentage change...
The price elasticity of demand is equal to the percentage change in price divided by the percentage change in quantity demanded the change in quantity demanded divided by the change in price. the value of the slope of the demand curve. the percentage change in quantity demanded divided by the percentage change in price If 20 units are sold at a price of US$50 and 30 units are sold at a price of US$40, what is the absolute value of...
Increase in Price Change in Quantity Degree of Elasticity Estimate Demanded (%) (%, in absolute value)...
Increase in Price Change in Quantity Degree of Elasticity Estimate Demanded (%) (%, in absolute value) Relatively elastic (E > 1) Airline travel, long run 2.4 70.0% Given the increase in price and your caluclated percent change in quanity demanded, total revenue will 70.0% onded, total revenue Unitary elastic (E = 1) Shoes 0.9 70.0% Given the increase in price and your caluclated percent change in quanity demanded, total revenue will Relatively inelastic (E < 1) Coffee 0.3 70.0% Given...
If, for a given percentage increase in price, quantity demanded falls by a proportionately larger percentage, then demand is relatively price elastic. relatively price inelastic. unit price elastic. perfectly price elastic OOOO
If the quantity demanded of juice decreased by 15% when the price of juice increased by 10%, the price elasticity of demand for juice is , and the demand for juice is said to be 2/3: elastic c. 3/2; elastic b. 2/3: inelastic d. 3/2; inelastic If the absolute value of the price elasticity of demand for milk is equal to 0.6, the demand for milk is: a relatively elastic. C. relatively inelastic, b. unit elastic. d. perfectly inelastic, demand...
NAME SECTION LAST NAME FIRST NAME PRICE ELASTICITY OF DEMAND price elasticity of demand measures how much in percentage terms demand fails to the left) when price is demandes (shifts to the right when price ralls quantity demanded falls when price is quantity demanded rises when price rises the graphs below to answer questions 2 and 3. Graph A Price Price Graph B Demand Demand - Quantity Quantity demand. Graph A represents unit elastic zer elastic perfectly inclastic perfectly elastic...
The price elasticity of demand is equal to the percentage change in price divided by the percentage change in quantity demanded the change in quantity demanded divided by the change in price. the value of the slope of the demand curve. the percentage change in quantity demanded divided by the percentage change in price If 20 units are sold at a price of US$50 and 30 units are sold at a price of US$40, what is the absolute value of...
Increase in Price Change in Quantity Degree of Elasticity Estimate Demanded (%) (%, in absolute value) Relatively elastic (E > 1) Airline travel, long run 2.4 70.0% Given the increase in price and your caluclated percent change in quanity demanded, total revenue will 70.0% onded, total revenue Unitary elastic (E = 1) Shoes 0.9 70.0% Given the increase in price and your caluclated percent change in quanity demanded, total revenue will Relatively inelastic (E < 1) Coffee 0.3 70.0% Given...
Most questions answered within 3 hours.
-
Roybus, Inc., a manufacturer of flash memory, just reported that
its main production facility in Taiwan...
asked 3 minutes ago -
Two capacitors connected in parallel produce an equivalent
capacitance of 45.0 μF but when connected in...
asked 12 minutes ago -
The differences between the two sets of dependent data are -1,
2,-,2, 2. Round to the...
asked 29 minutes ago -
A χ2-curve, looking at the relationship between age and hours
spent working at an office per...
asked 1 hour ago -
The pH of a sample of water from a river is 5.0. A
sample of effluent from...
asked 1 hour ago -
At the beginning of the period, the Fabricating Department
budgeted direct labor of $136,500 and equipment...
asked 2 hours ago -
Please answer all
____ 28. Rent control is usually
justified on the grounds that it protects...
asked 2 hours ago -
PARTS A-D HAVE BEEN ANSWERED. WAS TOLD TO REPOST. ONLY ANSWER
PARTS E and F.
A...
asked 2 hours ago -
2) You are given the task of finding a representation for a
circle in a drawing...
asked 3 hours ago -
STUDY QUESTION: Does use of diet drug fen-phen
(fenfluramine-phentermine) cause valvular heart disease?
HINT: Valvular heart...
asked 3 hours ago -
1. An object weighing 40 N rests on a surface. The coefficient
of friction is 0.35....
asked 4 hours ago -
Investor company owns 35% of investee company voting stock and
accounts for the investment under the...
asked 5 hours ago