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

Author Question: Price elasticity of demand refers to the ratio of the: a. percentage change in price of a good in ... (Read 109 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
on: Jun 30, 2018
Price elasticity of demand refers to the ratio of the:
 a. percentage change in price of a good in response to a percentage change in quantity demanded.
  b. percentage change in price of a good to a percentage increase in income.
  c. percentage change in the quantity demanded of a good to a percentage change in its price.
  d. none of these.

Question 2

If demand is inelastic, an increase in the price of a good will cause total revenue to:
 a. fall.
  b. remain constant since the decrease in quantity sold is exactly offset by the price increase.
  c. rise.
  d. rise if it is a normal good and fall if it is an inferior good.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Meganchabluk

  • Sr. Member
  • ****
  • Posts: 301
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

c


Zulu123

  • Member
  • Posts: 525
Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

cassie_ragen

  • Member
  • Posts: 347
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

onions taste good onions taste good
Population Growth and Change Population Growth and Change
Determining a good table height. Stand facing the table with your hands at your sides. Adjust the ... Determining a good table height. Stand facing the table with your hands at your sides. Adjust the ...
Climate change exerts societal impacts and vice versa Climate change exerts societal impacts and vice versa
If a graph has the following x-intercepts, which value of x is the instantaneous rate of change ... If a graph has the following x-intercepts, which value of x is the instantaneous rate of change ...
Percentage of higher-income Canadian households Percentage of higher-income Canadian households
Video: Semidiscontinuous DNA replication

For a complete list of videos, visit our video library