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Author Question: Price elasticity of demand refers to the: a. percentage increase in price in response to a ... (Read 30 times)

natalie2426

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on: Jun 30, 2018
Price elasticity of demand refers to the:
 a. percentage increase in price in response to a percentage increase in quantity demanded.
  b. percentage decrease in price in response to a percentage increase in income.
  c. minimum amount that consumers will pay for a percentage change in quantity demanded or supplied.
  d. responsiveness of quantity demanded to a change in the price of a good.

Question 2

Price elasticity of demand is defined as the ratio of the:
 a. percentage increase in price to an increase in quantity demanded.
  b. unit change in quantity demanded to the dollar change in price.
  c. maximum amount that consumers will pay to increase quantity.
  d. percentage change in quantity demanded to the percentage change in price, other things being equal.


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kusterl

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

d

Answer to Question 2

d


natalie2426

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Reply 2 on: Jun 30, 2018
Excellent

essyface1

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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