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Author Question: The percentage change in the quantity demanded of film divided by the percentage change in the price ... (Read 154 times)

geodog55

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on: Jun 30, 2018
The percentage change in the quantity demanded of film divided by the percentage change in the price of cameras indicates:
 a. the price elasticity of demand for film.
  b. the price elasticity of demand for cameras.
  c. the price elasticity of supply for film.
  d. the price elasticity of supply for cameras.
  e. nothing, because the two goods fall into the broadly defined category of photographic equipment.

Question 2

Consider the market for bicycles. If a dealer cuts prices by 10 percent and sells 20 percent more bikes, then demand for bicycles is:
 a. inelastic, and total revenue will increase.
  b. elastic, and total revenue will increase.
  c. inelastic, and total revenue will decrease.
  d. elastic, and total revenue will decrease.
  e. unit elastic, and total revenue will remain the same.


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blazinlyss

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

a

Answer to Question 2

b


geodog55

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Reply 2 on: Jun 30, 2018
Excellent

abro1885

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

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