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Author Question: If a 20 percent decrease in the price of a good leads to a 15 percent increase in the quantity ... (Read 39 times)

cool

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on: Jun 29, 2018
If a 20 percent decrease in the price of a good leads to a 15 percent increase in the quantity demanded, then demand is ________ and total revenue will ________ as a result of the fall in price.
 
  A) elastic; increase
  B) elastic; decrease
  C) inelastic; increase
  D) inelastic; decrease

Question 2

In the figure above, with the tariff American consumers ________ million shirts per year.
 
  A) 40
  B) 48
  C) 32
  D) 16


triiciiaa

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

D

Answer to Question 2

A


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