« previous next »

Author Question: The price of a new electronic toy increases from 16 to 24 and the quantity demanded decreases from ... (Read 128 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
on: Jun 30, 2018
The price of a new electronic toy increases from 16 to 24 and the quantity demanded decreases from 1,050 to 950 per month as a result. Based on this information, the price elasticity of demand (in absolute terms) is estimated to be equal to:
 a. 5.00
  b. 4.00
  c. 0.75
  d. 0.25

Question 2

_____ school of thought would most likely be associated with the statement: When wages are rigid, changes in output result in small changes in goods market prices and a relatively flat aggregate supply curve..
 a. The traditional Keynesian
  b. The modern Keynesian
  c. The Monetarist
  d. The classical
  e. The new classical


irishcancer18

  • Sr. Member
  • ****
  • Posts: 310
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

The highest suicide rate in the United States is among people ages 65 years and older. Almost 15% of people in this age group commit suicide every year.

Comparison of Paper Medical Records and Electronic Health Records Comparison of Paper Medical Records and Electronic Health Records
Measuring Oral Temperature Using an Electronic Thermometer Measuring Oral Temperature Using an Electronic Thermometer
An electronic battery tester. An electronic battery tester.
A plastic MAP sensor used for training purposes showing the electronic circuit board and electrical ... A plastic MAP sensor used for training purposes showing the electronic circuit board and electrical ...
Electronic waste (e-waste) Electronic waste (e-waste)
When a 2.75-kg fan, having blades 18.5 cm long, is turned off, its angular speed decreases ... When a 2.75-kg fan, having blades 18.5 cm long, is turned off, its angular speed decreases ...
Video: Wound Repair Animation

For a complete list of videos, visit our video library