« previous next »

Author Question: Suppose the price of a product is reduced from 10 to 6 and the quantity demanded increases from 40 ... (Read 80 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?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

Did you know?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Gene duplication increases genetic complexity Gene duplication increases genetic complexity
Importance of Considering Gestalt Principles in Product Design Importance of Considering Gestalt Principles in Product Design
Use the product rule to find derivative Use the product rule to find derivative
Use the product rule to find derivative Use the product rule to find derivative
Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ... Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ...
How does PCA reduce the dimension of a statistical problem? How do you select the reduced ... How does PCA reduce the dimension of a statistical problem? How do you select the reduced ...
Video: Causes of Acne

For a complete list of videos, visit our video library