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Author Question: The government wants to reduce the consumption of electricity by 5%. The price elasticity of demand ... (Read 55 times)

nmorano1

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Question 1

The ABC Computer Company wants to increase the quantity of computers it sells by 5%. If the price elasticity of demand is -2.5 the company must
◦ increase price by 2.0%.
◦ decrease price by 2.0%.
◦ decrease price by .5%.
◦ increase price by .5%.

Question 2

The government wants to reduce the consumption of electricity by 5%. The price elasticity of demand for electricity is -.4. The government should
◦ raise the price of electricity by 12.5%.
◦ raise the price of electricity by 2%.
◦ raise the price of electricity by .08%.
◦ lower the price of electricity by .4%.


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Marked as best answer by nmorano1 on May 25, 2020

peilian

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nmorano1

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Reply 2 on: May 25, 2020
Excellent


connor417

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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