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Author Question: If the price elasticity of demand for a product is equal to 4, a 1 percent increase in price of the ... (Read 65 times)

lunatika

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on: Jun 30, 2018
If the price elasticity of demand for a product is equal to 4, a 1 percent increase in price of the product will cause the quantity demanded to _____ by _____ percent.
 a. increase; 0.25
  b. decrease; 0.25
  c. increase; 4
  d. decrease; 25
  e. decrease; 4

Question 2

Suppose both goods L and M have a price of 6 . To maximize your utility from spending a given amount of income on the two goods you should:
 a. consume more each as long as they provide more than 6 units of marginal utility each.
 b. consume them so that consumption of each good provides the same total utility.
 c. consume them so that consumption of the last unit each good provides the same marginal utility.
  d. all of the above.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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FergA

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Reply #1 on: Jun 30, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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lunatika

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

at

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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