Author Question: Demand Schedule for Ski TicketsPrice($)Quantity Demanded(no. of tickets)120 0110100100200 90300 ... (Read 48 times)

heyheyhey · **on:** Oct 12, 2022

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
20	1000
10	1100
0	1200

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

lhn821 · **Reply #1 on:** Oct 12, 2022

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