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 65 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?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

Patients should never assume they are being given the appropriate drugs. They should make sure they know which drugs are being prescribed, and always double-check that the drugs received match the prescription.

Did you know?

If you use artificial sweeteners, such as cyclamates, your eyes may be more sensitive to light. Other factors that will make your eyes more sensitive to light include use of antibiotics, oral contraceptives, hypertension medications, diuretics, and antidiabetic medications.

Did you know?

To prove that stomach ulcers were caused by bacteria and not by stress, a researcher consumed an entire laboratory beaker full of bacterial culture. After this, he did indeed develop stomach ulcers, and won the Nobel Prize for his discovery.

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

When using forearm pressure on the top of the shoulder, push with your back foot to increase your ... When using forearm pressure on the top of the shoulder, push with your back foot to increase your ...
How to create a price index to calculate inflation for a basket of goods How to create a price index to calculate inflation for a basket of goods
One unit of clathrate structure surrounding a hydrophobic molecule (yellow) One unit of clathrate structure surrounding a hydrophobic molecule (yellow)
Increase in rainfall on continents Increase in rainfall on continents
How high a hill would a 75-kg hiker have to climb to increase her gravitational potential ... How high a hill would a 75-kg hiker have to climb to increase her gravitational potential ...
Video: Cardiac Cycle (Part 2 of 4)

For a complete list of videos, visit our video library