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Author Question: Suppose you are on a committee seeking to increase revenue from your city's bus system. If demand is ... (Read 13 times)

Diane

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  • Posts: 576
on: Jun 30, 2018
Suppose you are on a committee seeking to increase revenue from your city's bus system. If demand is _______, you would recommend raising the fare.
 a. perfectly elastic
  b. elastic
 c. unitary elastic
 d. inelastic

Question 2

If the price elasticity of demand for a product measures .45,
 a. this good has many available substitutes.
  b. this good must be a nonessential good.
  c. this good is a high-priced good.
  d. a decrease in price will increase total revenue.
  e. this good is demand price inelastic.


Sweetkitty24130

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

d

Answer to Question 2

e


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