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 98 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?

Anesthesia awareness is a potentially disturbing adverse effect wherein patients who have been paralyzed with muscle relaxants may awaken. They may be aware of their surroundings but unable to communicate or move. Neurologic monitoring equipment that helps to more closely check the patient's anesthesia stages is now available to avoid the occurrence of anesthesia awareness.

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Attention and memory are in demand during circle time. Attention and memory are in demand during circle time.
How to evaluate angles using cosecant, special triangles, and the unit circle (Part 3) How to evaluate angles using cosecant, special triangles, and the unit circle (Part 3)
Keeping your feelings to yourself may increase your stress level Keeping your feelings to yourself may increase your stress level
"The Department of Agriculture came out today with its prediction for food price "The Department of Agriculture came out today with its prediction for food price
Orientation and structure of a nephron, the functional unit of the kidney. Orientation and structure of a nephron, the functional unit of the kidney.
Video: Cognitive development by Piaget (Preoperational stage or intelligence)

For a complete list of videos, visit our video library