« previous next »

Author Question: Suppose the price of a product is reduced from 10 to 6 and the quantity demanded increases from 40 ... (Read 85 times)

tiara099

  • Hero Member
  • *****
  • Posts: 588
on: Jun 30, 2018
Suppose the price of a product is reduced from 10 to 6 and the quantity demanded increases from 40 to 60 units. From this we can conclude that the price elasticity of demand over this price range is equal to _____.
 a. 1.2
  b. 1.25
  c. 0.80
  d. 0.20
  e. 0.5

Question 2

The period of time that is too short for the firm to change the quantity of certain resources used in production, known as fixed inputs, is called the short run.
 a. True
  b. False
  Indicate whether the statement is true or false


ong527

  • Sr. Member
  • ****
  • Posts: 285
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

True


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Species richness increases with island size. Species richness increases with island size.
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896 Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
Testing Infant’s Understanding of Quantity Testing Infant’s Understanding of Quantity
The number of words correctly completed in the New York Times crossword puzzle increases with age ... The number of words correctly completed in the New York Times crossword puzzle increases with age ...
The population of Asia increases rapidly, the demand for food and water is also growing The population of Asia increases rapidly, the demand for food and water is also growing
Find derivative using product rule Find derivative using product rule
Video: Chemical Synapse Animation

For a complete list of videos, visit our video library