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

Author Question: If a 1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be ... (Read 77 times)

bobypop

  • Hero Member
  • *****
  • Posts: 539
on: Jul 1, 2018
If a 1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be elastic.
 a. True
  b. False

Question 2

In calculating price elasticity of demand, which of the following is assumed to be constant?
 a. the price of the product itself
  b. the quantity demanded of the product
  c. total revenue received from the sale of the product
  d. the prices of all other products
  e. none of the above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Kjones0604

  • Sr. Member
  • ****
  • Posts: 327
Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

D


bobypop

  • Hero Member
  • *****
  • Posts: 539
Reply #2 on: Jul 1, 2018
Thank you :)


Kjones0604

  • Sr. Member
  • ****
  • Posts: 327
Reply #3 on: Jul 1, 2018
Happy to help you


« previous next »
 

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Adolescents often feel clumsy during puberty because during this time of development, their hands and feet grow faster than their arms and legs do. The body is therefore out of proportion. One out of five adolescents actually experiences growing pains during this period.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

The first commercially successful typewriter, manufactured in quantity beginning in 1874, surely fue The first commercially successful typewriter, manufactured in quantity beginning in 1874, surely fue
30-Unit Insulin Syringe 30-Unit Insulin Syringe
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 ...
Which of the following is not a unit factor related to a 10.0% aqueous solution Which of the following is not a unit factor related to a 10.0% aqueous solution
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ... Sonal bought a coat for $198.88, which included 8% PST and 5% GST. What was the selling price ...
Video: Wound Repair Animation

For a complete list of videos, visit our video library