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

Author Question: If a 1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be ... (Read 93 times)

bobypop

  • Hero Member
  • *****
  • Posts: 539
on: Jul 1, 2018
If a 1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be elastic.
 a. True
  b. False

Question 2

In calculating price elasticity of demand, which of the following is assumed to be constant?
 a. the price of the product itself
  b. the quantity demanded of the product
  c. total revenue received from the sale of the product
  d. the prices of all other products
  e. none of the above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Kjones0604

  • Sr. Member
  • ****
  • Posts: 327
Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

D


bobypop

  • Hero Member
  • *****
  • Posts: 539
Reply #2 on: Jul 1, 2018
Thank you :)


Kjones0604

  • Sr. Member
  • ****
  • Posts: 327
Reply #3 on: Jul 1, 2018
Happy to help you


« previous next »
 

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Browning and Gunning demonstrated that placental transfer tissues increase plant reproductive succes Browning and Gunning demonstrated that placental transfer tissues increase plant reproductive succes
The age-related increase in spirituality is different for two cohorts born seven years apart. The ... The age-related increase in spirituality is different for two cohorts born seven years apart. The ...
Schematic depiction of the action of tryptophan synthase in one functional unit Schematic depiction of the action of tryptophan synthase in one functional unit
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
Jason Isbell and the 400 Unit - If We Were Vampires Jason Isbell and the 400 Unit - If We Were Vampires
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: Immune responses Animation

For a complete list of videos, visit our video library