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Author Question: An economic model is a simplified version of reality used to analyze real-world economic situations. ... (Read 197 times)

silviawilliams41

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on: Jun 29, 2018
An economic model is a simplified version of reality used to analyze real-world economic situations.
 
  Indicate whether the statement is true or false

Question 2

When the price of tortilla chips rose by 10 percent, the quantity of tortilla chips sold fell 4 percent. This indicates that the demand for tortilla chips is
 
  A) inelastic. B) perfectly inelastic. C) elastic. D) unit elastic.
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deja

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Reply #1 on: Jun 29, 2018
Answer to Question 1

TRUE

Answer to Question 2

A


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silviawilliams41

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Reply #2 on: Jun 29, 2018
Thank you


deja

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Reply #3 on: Jun 29, 2018
No problemo


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