Top Posters
Since Sunday
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
malabranche13 malabranche13
wrote...
Go to Answer
Posts: 478
Rep: 12 0
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:
Read 54 times
1 Reply
Replies
Answer verified by a subject expert
coltonf1coltonf1
wrote...
#1
Posts: 392
Rep: 42 0
5 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

malabranche13 Author
wrote...

5 years ago
Helped a lot
africa143
wrote...

Yesterday
Just got PERFECT on my quiz
hannahspillett
wrote...

2 hours ago
You make an excellent tutor!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1276 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 253
  
 876
  
 332
Your Opinion
Who's your favorite biologist?
Votes: 586
Previous poll results: Should Ph.D.'s be addressed as doctors?