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

Author Question: When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded, ... (Read 136 times)

captainjonesify

  • Hero Member
  • *****
  • Posts: 543
on: Jun 30, 2018
When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded, then:
 a. demand is price inelastic.
  b. total revenue increases.
  c. demand is positively sloped.
  d. demand is unit elastic.
  e. total revenue decreases.

Question 2

If demand is price elastic, then when price decreases, total revenue:
 a. decreases.
  b. increases.
  c. does not change.
  d. is less than one.
  e. is negative.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Mochi

  • Sr. Member
  • ****
  • Posts: 300
Reply #1 on: Jun 30, 2018
Answer to Question 1

e

Answer to Question 2

b


captainjonesify

  • Member
  • Posts: 543
Reply 2 on: Jun 30, 2018
Gracias!

ecabral0

  • Member
  • Posts: 310
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

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?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Did you know?

The most common treatment options for addiction include psychotherapy, support groups, and individual counseling.

Greater Flamingo Greater Flamingo
Any number of crossovers gives 50 percent recombinants Any number of crossovers gives 50 percent recombinants
Men who are at risk for heart disease and report work-related stressors are at greater risk of death ... Men who are at risk for heart disease and report work-related stressors are at greater risk of death ...
The complete oxidation of 1 mole of glucose generates about 30–32 moles of ATP synthesized from ... The complete oxidation of 1 mole of glucose generates about 30–32 moles of ATP synthesized from ...
How to solve any percent error problem How to solve any percent error problem
Modern machinery has helped farmers increase yields Modern machinery has helped farmers increase yields
Video: Introduction to Sickle Cell Anemia

For a complete list of videos, visit our video library