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Author Question: If the price elasticity of demand is 1.2, then a 10% increase in price results in a (Read 26 times)

haydenjmcm

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on: Oct 12, 2022

Question 1

Suppose an increase in demand for web-design service in Canada increases the price from $95 per hour to $105 per hour and hours of service delivered increases from 400 000 hours to 800 000. What is the elasticity of supply of this service?
◦ 4.2
◦ 0.167
◦ 0.15
◦ 16.67
◦ 6.67

Question 2

If the price elasticity of demand is 1.2, then a 10% increase in price results in a
◦ 12% decrease in quantity demanded.
◦ 12% increase in quantity demanded.
◦ 12% decrease in total revenue.
◦ 1.2% increase in quantity demanded.
◦ 1.2% decrease in quantity demanded.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by haydenjmcm on Oct 12, 2022

DevinBrifm

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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haydenjmcm

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

miss_1456@hotmail.com

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Reply 3 on: Yesterday
:D TYSM

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