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Author Question: The price elasticity of demand for oil is estimated at 0.05. This value means a 10 percent increase ... (Read 75 times)

a0266361136

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on: Jun 29, 2018
The price elasticity of demand for oil is estimated at 0.05. This value means a 10 percent increase in the
 
  A) quantity of oil demanded will result from a 0.5 percent increase in the price of oil.
  B) quantity of oil demanded will result from a 0.5 percent decrease in the price of oil.
  C) price of oil will increase the quantity of oil demanded by 0.5 percent.
  D) price of oil will decrease the quantity of oil demanded by 0.5 percent.

Question 2

Airbus is an European jet airline producer. Indian Airlines wants to buy 23 Airbus planes from Airbus, due to increased demand for world travel. As a result, the
 
  A) demand curve for euros shifts rightward.
  B) demand curve for euros shifts leftward.
  C) supply curve for euros shifts rightward.
  D) quantity demanded for euros decreases.


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akpaschal

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

D

Answer to Question 2

A


a0266361136

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

nathang24

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Reply 3 on: Yesterday
Excellent

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