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Author Question: What would be the consequence of a 10 percent decrease in the price of a good for which price ... (Read 16 times)

deesands

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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


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Ksh22

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

d


deesands

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

Dinolord

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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