« previous next »

Author Question: Suppose the price of a product is reduced from 10 to 6 and the quantity demanded increases from 40 ... (Read 83 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?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Did you know?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

The Babylonians wrote numbers in a system that used 60 as the base value rather than the number 10. They did not have a symbol for "zero."

Spirituality increases with age, but there are different patterns for the two genders. Both genders ... Spirituality increases with age, but there are different patterns for the two genders. Both genders ...
Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ... Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ...
The signal voltage from a throttle position increases as the throttle is opened because the wiper ... The signal voltage from a throttle position increases as the throttle is opened because the wiper ...
Dose-response relationship. As the dose of a drug increases, a maximal response or plateau is ... Dose-response relationship. As the dose of a drug increases, a maximal response or plateau is ...
Find the two integers that have a sum of 20 and a maximum product Find the two integers that have a sum of 20 and a maximum product
The number of phenotypic classes in the F2 generation increases as the number of genes controlling t The number of phenotypic classes in the F2 generation increases as the number of genes controlling t
Video: Chemical Synapse Animation

For a complete list of videos, visit our video library