This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What would be the consequence of a 10 percent decrease in the price of a good for which price ... (Read 31 times)

deesands

  • Hero Member
  • *****
  • Posts: 514
on: Jun 30, 2018
What would be the consequence of a 10 percent decrease in the price of a good for which price elasticity of demand is 5?
 a. A 50 percent decrease in the quantity demanded
  b. A 5 percent increase in the quantity demanded
  c. A 50 percent increase in the quantity demanded
  d. A decrease in the quantity demanded by 0.2 units
  e. An increase in the quantity demanded by 0.2 units

Question 2

Which of the following is an example of a concept from behavioral economics?
 a. compartmentalizing
 b. the endowment effect
 c. behavior based on perceived fairness
  d. all of the above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Ksh22

  • Sr. Member
  • ****
  • Posts: 297
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

d


deesands

  • Member
  • Posts: 514
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

mochi09

  • Member
  • Posts: 335
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Water potentials decrease (become more negative) as one moves from soil to plant to atmosphere Water potentials decrease (become more negative) as one moves from soil to plant to atmosphere
A good Mnemonic to know Mg K Ca Na A good Mnemonic to know Mg K Ca Na
Good body mechanics for lifting heavy objects. Good body mechanics for lifting heavy objects.
Humburger is a good source of niacin , vitamin B6 and pantothenic acid Humburger is a good source of niacin , vitamin B6 and pantothenic acid
The amino acid lysine has the percent composition 49.3% C, 9.59% H, 19.2% N, and The amino acid lysine has the percent composition 49.3% C, 9.59% H, 19.2% N, and
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
Video: Membrane Protein and Facilitated Transport (Passive Vs Active)

For a complete list of videos, visit our video library