Author Question: Which of the following statements would you expect to be true about price elasticities of demand for ... (Read 67 times)

jenniferbaugh1984 · **on:** Oct 12, 2022

Question 1

Suppose the quantity demanded of a good rises from 40 units to 60 units per month when the price falls from $1.05 to 95 cents per unit. The price elasticity of demand for this product is
◦ 0.5.
◦ 4.0.
◦ 1.0.
◦ 2.0.
◦ 1.5.

Question 2

Which of the following statements would you expect to be true about price elasticities of demand for T-shirts and clothing?
◦ Because T-shirts are clothing, but not all clothing is T-shirts, T-shirts would have a lower price elasticity of demand than clothing.
◦ Clothing has a higher price elasticity of demand because it is a necessity.
◦ T-shirts would have the same price elasticity of demand as clothing.
◦ Clothing has a lower price elasticity of demand because it is more broadly defined.
◦ Compared with clothing, T-shirts have a lower price elasticity of demand because they are specifically defined.

msgero · **Reply #1 on:** Oct 12, 2022

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