« previous next »

Author Question: Suppose the price of a product is reduced from 10 to 6 and the quantity demanded increases from 40 ... (Read 42 times)

tiara099

  • Hero Member
  • *****
  • Posts: 588
on: Jun 30, 2018
Suppose the price of a product is reduced from 10 to 6 and the quantity demanded increases from 40 to 60 units. From this we can conclude that the price elasticity of demand over this price range is equal to _____.
 a. 1.2
  b. 1.25
  c. 0.80
  d. 0.20
  e. 0.5

Question 2

The period of time that is too short for the firm to change the quantity of certain resources used in production, known as fixed inputs, is called the short run.
 a. True
  b. False
  Indicate whether the statement is true or false


ong527

  • Sr. Member
  • ****
  • Posts: 285
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

True


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Acute bronchitis is an inflammation of the breathing tubes (bronchi), which causes increased mucus production and other changes. It is usually caused by bacteria or viruses, can be serious in people who have pulmonary or cardiac diseases, and can lead to pneumonia.

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

The number of words correctly completed in the New York Times crossword puzzle increases with age ... The number of words correctly completed in the New York Times crossword puzzle increases with age ...
This 19-year-old in Wisconsin was given a reduced jail sentence for holding this sign in front of ... This 19-year-old in Wisconsin was given a reduced jail sentence for holding this sign in front of ...
The human eye, a product of 600 million years of evolution (Lamb, Collin, & Pugh, 2007). The human eye, a product of 600 million years of evolution (Lamb, Collin, & Pugh, 2007).
Use the product rule to find derivative Use the product rule to find derivative
Find derivative using product rule Find derivative using product rule
Polyploidy increases fruit size Polyploidy increases fruit size
Video: Metabolic Rate, Heat and Thermoregulation - response to heat and cold stresses

For a complete list of videos, visit our video library