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 76 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
YES! Correct, THANKS for helping me on my review

sailorcrescent

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

The immune system needs 9.5 hours of sleep in total darkness to recharge completely.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

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?

In the ancient and medieval periods, dysentery killed about ? of all babies before they reach 12 months of age. The disease was transferred through contaminated drinking water, because there was no way to adequately dispose of sewage, which contaminated the water.

Percentage of Foreign-Born Whites and Native Whites of Foreign or Mixed Parentage in Total Populatio Percentage of Foreign-Born Whites and Native Whites of Foreign or Mixed Parentage in Total Populatio
Change in Annual Precipitation Over Land, 1901-2010 Change in Annual Precipitation Over Land, 1901-2010
Climate Change Climate Change
Generation of the F2 trihybrid phenotypic ratio using the forked-line method Generation of the F2 trihybrid phenotypic ratio using the forked-line method
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
Change in the frequency of a lethal recessive allele, a Change in the frequency of a lethal recessive allele, a
Video: Hormonal feedback loop components

For a complete list of videos, visit our video library