Recall the Application about the price of vanity license plates in Virginia to answer the following...
Recall the Application about the price of vanity license
plates in Virginia to answer the following
question(s).
Recall the Application. Which of the following is a reason for the
state of Virginia to increase its revenue while the price for
vanity plates increases?
|
The demand for vanity plates in Virginia is inelastic. |
||
|
The demand for vanity plates in Virginia is elastic. |
||
|
The demand for vanity plates in Virginia is equal to 1. |
||
|
There is insufficient information to draw a conclusion. |
Homework Answers
Given,
Revenue from vanity plates increases while the price increases.
An increase in revenue denotes that the quantity demanded has reduced by a lesser proportion compared to the increase in prices which shows that the demand for vanity plates is inelastic
Ans: The demand for vanity plates is inelastic
Add Answer to:
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