The value of price elasticity of demand is more likely to be ...

[Cooldude101]

The value of price elasticity of demand is more likely to be above 1 if:
 a. consumers have a long time to adjust to a price change.
  b. the product is a necessity.
  c. demand is inelastic.
  d. there are few close substitutes for the product.
  e. total revenue declines in response to a price reduction.

Question 2

An increase in total utility would be depicted using indifference curve analysis as:
 a. a movement down along an indifference curve to the southeast.
 b. a movement up along an indifference curve to the northwest.
 c. a movement from one indifference curve to another located to the northeast.
  d. a movement from one indifference curve to another located to the southwest.

[raili21]

Answer to Question 1

a

Answer to Question 2

c