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Author Question: Demand is inelastic if a. the percentage change in price is greater than the percentage change in ... (Read 93 times)

sam.t96

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on: Jul 1, 2018
Demand is inelastic if
 a. the percentage change in price is greater than the percentage change in quantity demanded
  b. the percentage change in price is less than the percentage change in quantity demanded
  c. the percentage change in price is equal to the percentage change in quantity demanded
  d. the value of price elasticity is equal to -1
  e. the value of price elasticity is less than -1 (e.g., -3)

Question 2

Demand is inelastic only if
 a. price elasticity has an absolute value of 1
  b. price elasticity has an absolute value greater than 1
  c. price elasticity has an absolute value less than 1
  d. price elasticity is negative
  e. consumers do not respond to a change in price


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rekilledagain

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

A

Answer to Question 2

C


sam.t96

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

tranoy

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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