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malabranche13 malabranche13
wrote...
Posts: 478
5 years ago

Question 1.

If the absolute value of the price elasticity of demand for a product is 2, and the price of a product increased 10 percent, then the quantity demanded will decline by

• 2 percent.

• 5 percent.

• 20 percent.

• 10 percent.

Question 2.

If the absolute value of the price elasticity of demand for a product is less than 1, then

• demand is elastic.

• demand is inelastic.

• quantity demanded is very sensitive to price changes.

• demand is unit-elastic.
Textbook 
Economics Today: The Micro View

Economics Today: The Micro View


Edition: 19th
Author:
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Answer verified by a subject expert
coltonf1coltonf1
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Posts: 392
5 years ago
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malabranche13 Author
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5 years ago
Thanks
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Yesterday
Correct Slight Smile TY
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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