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Author Question: The price of a new electronic toy increases from 16 to 24 and the quantity demanded decreases from ... (Read 121 times)

Zulu123

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on: Jun 30, 2018
The price of a new electronic toy increases from 16 to 24 and the quantity demanded decreases from 1,050 to 950 per month as a result. Based on this information, the price elasticity of demand (in absolute terms) is estimated to be equal to:
 a. 5.00
  b. 4.00
  c. 0.75
  d. 0.25

Question 2

_____ school of thought would most likely be associated with the statement: When wages are rigid, changes in output result in small changes in goods market prices and a relatively flat aggregate supply curve..
 a. The traditional Keynesian
  b. The modern Keynesian
  c. The Monetarist
  d. The classical
  e. The new classical


irishcancer18

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

a


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