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Author Question: If a 1 increase in price leads to a 3-unit decrease in quantity demanded, then demand must be ... (Read 58 times)

bobypop

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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


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Kjones0604

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

D


bobypop

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Reply #2 on: Jul 1, 2018
Thank you :)


Kjones0604

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Reply #3 on: Jul 1, 2018
Happy to help you


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