One of the reasons that price elasticities of demand are always stated as positive numbers is because:
a. the numerators and denominators of the formula are both negative.
b. the numerators and denominators of the formula are both positive.
c. price increases always lead to increases in quantity demanded.
d. price decreases always lead to decreases in quantity demanded.
e. price elasticities are always negative, so we ignore the sign.
Question 2
Dana is an art historian who needs to travel to Italy to do research. Art historians usually don't have a lot of money, and therefore are very sensitive to price changes. Dana's funding agency pays her a fixed amount to travel. At current exchange rates, Dana can stay in Italy for 35 days. If the exchange rate improves by 10 percent, she can stay for 40 days. What is Dana's price elasticity of demand for days spent in Italy?
a. It is approximately equal to 2.3.
b. It is approximately equal to 1.6.
c. It is approximately equal to 1.4.
d. It is approximately equal to 0.4.
e. It is approximately equal to 0.1.
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