When the price of a product increases from 100 to 105, quantity sold decreases from 200 to 195. Demand is:
A) Elastic
B) Unit elastic
C) Inelastic
D) Fantastic
When the price of a product increases from 100 to 105, quantity sold decreases from 200...
1) If the quantity demanded of one good increases from 200 to 300 when the price of another good increases from $5 to $7, what is the Cross-Price Elasticity of Demand? a: -.4 b: 1.21 c: -1.21 D: .33 2) If the quantity demanded decreases from 480 to 460 when the price increases from $2 to $2.10, the price elasticity of demand in absolute value is: A: .88, B: 4.3 C: 1.14 D: 1.49 Based on your answer above, demand...
Suppose that when the price for Good A increases by 7 percent, the quantity demanded for that product decreases by 6 percent. Accordingly, calculate the own price elasticity of demand for Good A. Is demand for Good A elastic, inelastic, or unit elastic?
12. If the price decreases from $10 to $8 and the quantity demanded increases from 50 units to 55 units the price-elasticity of demand at $10 is _______________________. Thus the price elasticity of demand is _______________________ and therefore total revenue can be increased by ________________________ the price. 13. The elasticity of demand gives the _______________ change in quantity demanded give the __________________ change in price. 14. If Demand is relatively elastic and Supply is also relatively elastic and the government...
Total revenue a) always increases as price increases b) increases as price increases, as long as demand is elastic c) decreases as price increases, as long as demand is inelastic d) remains unchanged as price increases when demand is unit elastic
This question is based on the previous one, which was: Quantity supplied decreases from 70 to 50 units when price decreases from $200 to $120 per unit. Elasticity of supply is: The elasticity value calculated in the previous question indicated that supply is: Select one: O a. Relatively inelastic O b. Relatively inelastic c. Perfectly Inelastic d. Unit Elastic e. Perfectly Elastic O When producers have more time to respond to price changes, supply will likely be more Select one:...
At a price of $5, consumers buy 200 units of good X. When the price falls to $4, quantity demanded increases to 250 units. We can conclude that over this range, demand is: a. elastic. b. unit elastic. c. inelastic. d. perfectly inelastic.
quantity demanded increases by 60% when price decreases by 40%, we can conclude that the good is: Select one: 0 a, inelastic O b. elastic Oc. normal O d. inferion Next pag swers Jump to...
13. If the quantity of a good sold varies greatly from small changes in the price, we say that good is: A) highly inelastic. B) unitary elastic. C) not elastic. D) highly elastic. 14. A product's price changes from $2 to $6 and its quantity demanded changes from 10 to 4 units. This is an example of price: A) inelastic demand. B) elastic demand. C) unitarily elastic demand. D) inelastic supply. 13. Which of the following is a possible measurement...
16. Suppose that the price of one product increases from $11 to $42. As a result, quantity demanded for another product changes from 260 to 180. Based on this information you can tell that these two products are (select one): a. complements b. normal C. substitutes d. inferior 17. Suppose that when the store increases the price of laundry detergent from $2.50 to $3.90, quantity demanded decreased from 210 to 130. What is the change in total revenue as a...
When the price increases from $4 to $6 and the quantity demanded decreases by 2 units from 10 to 8, the price elasticity of demand is a)-25 b)-1.5 c)-0.56 d)-2.5 e)cannot be determined from the information given