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lambchop03 lambchop03
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5 years ago

Question 1.

A government wants to reduce electricity consumption by 40%. The price elasticity of demand for electricity is -10. The government must ________ the price of electricity by ________.



▸ raise; 4.0%

▸ raise; 0.25%

▸ raise; 1.25%

▸ lower; 0.25%

Question 2.

An increase in quantity demanded caused no change in the equilibrium price. Thus, demand must be



▸ perfectly inelastic.

▸ inelastic.

▸ elastic.

▸ perfectly elastic.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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swolfe15swolfe15
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lambchop03 Author
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5 years ago
Brilliant
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