If the price elasticity of demand coefficient equals 2 then:
a. a 7 percent decrease in the price will result in a 14 percent decrease in the quantity demanded.
b. a price decrease will increase total revenue.
c. the good has an inelastic demand.
d. there is likely few substitutes, a short time period under consideration, or this good accounts for a relatively small percentage of consumers' budgets.
Question 2
If a good has a price elasticity of demand coefficient less than one, then:
a. this good has an elastic demand.
b. this good has an inelastic demand.
c. a 10 percent increase in the price will result in a greater than 10 percent decrease in the quantity demanded.
d. the demand curve will be vertical.
Harlem’s Promise Academy has a record of graduating and sending to college more than 90 percent ...
Cereal production in Africa may decrease by as much as 50% by 2080 in some areas
The growth in demand for oil in China is driven by the growth in demand for personal transport
Economic recession in 2008 saw a small decrease in demand
Percent of oxygen in the atmosphere versus altitude.
Daniel's Enterprises has a beta of 1.98 and a growth rate of 12 percent. The stock is ...