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Author Question: The price elasticity of demand a. is of no use to producers b. tells producers what will happen to ... (Read 206 times)

Kikoku

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on: Jul 1, 2018
The price elasticity of demand
 a. is of no use to producers
  b. tells producers what will happen to total profit if they change product price
  c. tells producers what will happen to quantity supplied if they change product price
  d. tells producers what will happen to total revenue if they change product price
  e. tells producers what will happen to price in the following time period

Question 2

Suppose that you allow yourself 50 per month to spend on compact disks. You spend exactly this much every month regardless of the price of compact disks. Therefore, your demand for CDs
 a. is elastic
  b. is inelastic
  c. is unit elastic
  d. cannot be characterized unless we know the price of a disk
  e. cannot be characterized unless we know the price and quantity of compact disks purchased


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aliotak

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Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

C


Kikoku

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Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

xthemafja

  • Member
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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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