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

Author Question: If the demand for a product is unit-elastic, a 25 percent increase in its price will result in: a. ... (Read 112 times)

colton

  • Hero Member
  • *****
  • Posts: 627
on: Jun 30, 2018
If the demand for a product is unit-elastic, a 25 percent increase in its price will result in:
 a. a 25 percent change in total revenue.
  b. no change in quantity demanded.
  c. a 1 percent increase in quantity demanded.
  d. a 25 percent decrease in quantity demanded.
  e. a 100 percent change in quantity demanded.

Question 2

In consumer equilibrium:
 a. the average utility from each dollar spent is the same.
 b. total utility cannot be increased by reallocating spending among the goods consumed.
  c. total utility obtained from the consumption of each product is at a maximum.
 d. the marginal utility from the last unit of each good consumed is the same.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

carojassy25

  • Sr. Member
  • ****
  • Posts: 299
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

b


colton

  • Hero Member
  • *****
  • Posts: 627
Reply #2 on: Jun 30, 2018
Thank you :)


carojassy25

  • Sr. Member
  • ****
  • Posts: 299
Reply #3 on: Jun 30, 2018
Happy to help you


« previous next »
 

Did you know?

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

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

The organization of mRNA as a translational unit The organization of mRNA as a translational unit
Browning and Gunning demonstrated that placental transfer tissues increase plant reproductive succes Browning and Gunning demonstrated that placental transfer tissues increase plant reproductive succes
Variation in climatic conditions result in geographic variation in the distribution of biome types a Variation in climatic conditions result in geographic variation in the distribution of biome types a
Mixing schematic Diagram CHE 415 unit operations experiment apparatus Mixing schematic Diagram CHE 415 unit operations experiment apparatus
Phosphopantetheine as the reactive unit in ACP and CoA Phosphopantetheine as the reactive unit in ACP and CoA
Importance of Considering Gestalt Principles in Product Design Importance of Considering Gestalt Principles in Product Design
Video: Blood Pressure Measurement

For a complete list of videos, visit our video library