Which of the following describes a situation in which demand must be elastic?
a. Total revenue increases by 15 percent when the price of corn dogs rises by 15 percent.
b. Total revenue increases by less than 15 percent when the price of corn dogs rises by 15 percent.
c. Total revenue decreases by more than 15 percent when the price of corn dogs rises by 15 percent.
d. Total revenue increases by 15 when the price of corn dogs rises by 15.
e. Total revenue increases by more than 15 when the price of corn dogs rises by 15.
Question 2
Which of the following describes a situation in which demand must be inelastic?
a. Total revenue decreases by 10 percent when the price of spats rises by 10 percent.
b. Total revenue decreases by less than 10 percent when the price of spats rises by 10 percent.
c. Total revenue increases by more than 10 percent when the price of spats rises by 10 percent.
d. Total revenue decreases by 10 when the price of spats rises by 10.
e. Total revenue decreases by more than 10 when the price of spats rises by 10.
Elastic fibres are made of elastin, one type of structural protein found in the ECM of animal cells
Total hip prosthesis.
Signs and Symptoms of Shock Following a Crisis Situation
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil
The demand for cheap coal to generate electrical power is rising
Suppose a country imports televisions. The country's supply and demand curves are shown in ...