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If a two percent increase in the price of bananas leads to a two percent decrease in the quantity of ...

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If a two percent increase in the price of bananas leads to a two percent decrease in the quantity of ...

Question 1.

When the absolute percentage change in quantity demanded is just equal to the percentage change in price, demand is

• elastic.

• relatively inelastic.

• unit-elastic.

• perfectly inelastic.

Question 2.

If a two percent increase in the price of bananas leads to a two percent decrease in the quantity of bananas demanded, then the demand for bananas is

• elastic.

• perfectly inelastic.

• inelastic.

• unit-elastic.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

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Good timing, thanks!

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