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

Author Question: Demand is inelastic if a. the percentage change in price is greater than the percentage change in ... (Read 68 times)

sam.t96

  • Hero Member
  • *****
  • Posts: 570
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

rekilledagain

  • Sr. Member
  • ****
  • Posts: 337
Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

C


sam.t96

  • Member
  • Posts: 570
Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

jackie

  • Member
  • Posts: 324
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

Oliver Wendell Holmes is credited with introducing the words "anesthesia" and "anesthetic" into the English language in 1846.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

The demand for energy is met by burning coal and other fossil fuels The demand for energy is met by burning coal and other fossil fuels
Economic recession in 2008 saw a small decrease in demand Economic recession in 2008 saw a small decrease in demand
Price of Computers, 1982–2010 Price of Computers, 1982–2010
Consistency and Change in Personality Over the Lifespan Consistency and Change in Personality Over the Lifespan
During a period of high power demand, the voltage output of the power company is reduced by ... During a period of high power demand, the voltage output of the power company is reduced by ...
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ... The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
Video: Spermatogenesis Animation

For a complete list of videos, visit our video library