« previous next »

Author Question: Suppose the price of a product is reduced from 10 to 6 and the quantity demanded increases from 40 ... (Read 87 times)

tiara099

  • Hero Member
  • *****
  • Posts: 588
on: Jun 30, 2018
Suppose the price of a product is reduced from 10 to 6 and the quantity demanded increases from 40 to 60 units. From this we can conclude that the price elasticity of demand over this price range is equal to _____.
 a. 1.2
  b. 1.25
  c. 0.80
  d. 0.20
  e. 0.5

Question 2

The period of time that is too short for the firm to change the quantity of certain resources used in production, known as fixed inputs, is called the short run.
 a. True
  b. False
  Indicate whether the statement is true or false


ong527

  • Sr. Member
  • ****
  • Posts: 285
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

True


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

In the ancient and medieval periods, dysentery killed about ? of all babies before they reach 12 months of age. The disease was transferred through contaminated drinking water, because there was no way to adequately dispose of sewage, which contaminated the water.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Glaucoma. (a) A buildup of pressure within the eye cavities, often caused by a blockage of vessels t Glaucoma. (a) A buildup of pressure within the eye cavities, often caused by a blockage of vessels t
The air pressure going to the nozzle should be reduced to 30 psi or less to help prevent personal ... The air pressure going to the nozzle should be reduced to 30 psi or less to help prevent personal ...
How to use the product rule to find the derivative of a function How to use the product rule to find the derivative of a function
DOT placarding requirements: Table 1 materials must be placarded in any quantity, and Table 2 ... DOT placarding requirements: Table 1 materials must be placarded in any quantity, and Table 2 ...
The population of Asia increases rapidly, the demand for food and water is also growing The population of Asia increases rapidly, the demand for food and water is also growing
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ... The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
Video: Secretin (inhibiting gastric acid secretion), Cholecystokinin (fat digestion) & Cholecystokinin

For a complete list of videos, visit our video library