This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If a 5 percent decrease in the price of a good produces a 5 percent increase in the quantity ... (Read 41 times)

tatyanajohnson

  • Hero Member
  • *****
  • Posts: 569
on: Jun 30, 2018
If a 5 percent decrease in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand is:
 a. perfectly elastic.
  b. perfectly inelastic.
  c. elastic.
  d. inelastic.
  e. unitary elastic.

Question 2

Suppose the quantity demanded is 1,000 million bushels of peaches per year when the price is 3 per bushel and 1,500 million bushels when the price is 1 per bushel. The price elasticity of demand in this range of the demand curve is:
 a. elastic. b. inelastic.
  c. unitary elastic. d. infinitely elastic.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

wfdfwc23

  • Sr. Member
  • ****
  • Posts: 338
Reply #1 on: Jun 30, 2018
Answer to Question 1

e

Answer to Question 2

b


tatyanajohnson

  • Member
  • Posts: 569
Reply 2 on: Jun 30, 2018
:D TYSM

Perkypinki

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The shortest mature adult human of whom there is independent evidence was Gul Mohammed in India. In 1990, he was measured in New Delhi and stood 22.5 inches tall.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Water potentials decrease (become more negative) as one moves from soil to plant to atmosphere Water potentials decrease (become more negative) as one moves from soil to plant to atmosphere
What makes tea so good What makes tea so good
The medical assisting profession offers many settings in which to pursue your career. Good communica The medical assisting profession offers many settings in which to pursue your career. Good communica
A mere one-half percent of Americans owns over a quarter of the entire nation’s wealth. Very few ... A mere one-half percent of Americans owns over a quarter of the entire nation’s wealth. Very few ...
Good Old War - Part Of Me [Audio] Good Old War - Part Of Me [Audio]
Potatoes are a good source of complex carbohydrates Potatoes are a good source of complex carbohydrates
Video: What is Cholesterols? Introduction to Lipoproteins

For a complete list of videos, visit our video library