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Author Question: Demand Schedule for Ski TicketsPrice($)Quantity Demanded(no. of tickets)120 0110100100200 90300 ... (Read 30 times)

heyheyhey

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Question 1

Suppose the quantity demanded of paperback novels rises from 80 000 to 120 000 units per month when the price falls from $11 to $9 per unit. The price elasticity of demand for this product is
◦ 3/2.
◦ 2.
◦ 2/3.
◦ 1.
◦ 1/3.

Question 2

Demand Schedule for Ski Tickets

Price
($)
Quantity Demanded
(no. of tickets)
120    0
110 100
100 200
  90 300
  80 400
  70 500
  60 600
  50 700
  40 800
  30 900
  201000
  101100
   01200

TABLE 4-2

Refer to Table 4-2. Using the data provided to plot the demand curve for ski tickets results in a ________ demand curve. Price elasticity along this demand curve is therefore ________ as price is falling.
◦ downward sloping and linear; continuously decreasing
◦ rectangular hyperbola; constant at a value of 1
◦ downward sloping and linear; continuously increasing
◦ horizontal; constant at a value of 8
◦ vertical; constant at a value of 0


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Marked as best answer by heyheyhey on Oct 12, 2022

lhn821

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heyheyhey

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Reply 2 on: Oct 12, 2022
Wow, this really help


vickybb89

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Reply 3 on: Yesterday
:D TYSM

 

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