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

Author Question: Price elasticity of demand refers to the ratio of the: a. percentage change in price of a good in ... (Read 122 times)

Zulu123

  • Hero Member
  • *****
  • Posts: 525
on: Jun 30, 2018
Price elasticity of demand refers to the ratio of the:
 a. percentage change in price of a good in response to a percentage change in quantity demanded.
  b. percentage change in price of a good to a percentage increase in income.
  c. percentage change in the quantity demanded of a good to a percentage change in its price.
  d. none of these.

Question 2

If demand is inelastic, an increase in the price of a good will cause total revenue to:
 a. fall.
  b. remain constant since the decrease in quantity sold is exactly offset by the price increase.
  c. rise.
  d. rise if it is a normal good and fall if it is an inferior good.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Meganchabluk

  • Sr. Member
  • ****
  • Posts: 301
Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

c


Zulu123

  • Member
  • Posts: 525
Reply 2 on: Jun 30, 2018
Wow, this really help

Dnite

  • Member
  • Posts: 297
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

More than 2,500 barbiturates have been synthesized. At the height of their popularity, about 50 were marketed for human use.

Did you know?

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

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Using a scan tool to check for IAC counts or percentage as part of a diagnostic routine. Using a scan tool to check for IAC counts or percentage as part of a diagnostic routine.
The learning and retention of the mirrordrawing task by H.M. Despite his good retention of the task, ... The learning and retention of the mirrordrawing task by H.M. Despite his good retention of the task, ...
Climate Change Climate Change
How the multiple-factor hypothesis accounts for the 1:4:6:4:1 phenotypic ratio How the multiple-factor hypothesis accounts for the 1:4:6:4:1 phenotypic ratio
What percentage? What percentage?
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Video: Epidural Hematoma

For a complete list of videos, visit our video library