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Author Question: If the price elasticity of demand is 1.2, then a 10% increase in price results in a (Read 59 times)

haydenjmcm

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on: Oct 12, 2022

Question 1

Suppose an increase in demand for web-design service in Canada increases the price from $95 per hour to $105 per hour and hours of service delivered increases from 400 000 hours to 800 000. What is the elasticity of supply of this service?
◦ 4.2
◦ 0.167
◦ 0.15
◦ 16.67
◦ 6.67

Question 2

If the price elasticity of demand is 1.2, then a 10% increase in price results in a
◦ 12% decrease in quantity demanded.
◦ 12% increase in quantity demanded.
◦ 12% decrease in total revenue.
◦ 1.2% increase in quantity demanded.
◦ 1.2% decrease in quantity demanded.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by haydenjmcm on Oct 12, 2022

DevinBrifm

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Reply #1 on: Oct 12, 2022
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haydenjmcm

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Reply 2 on: Oct 12, 2022
Excellent

amynguyen1221

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Reply 3 on: Yesterday
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