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The All Smiles Greeting Card Company wants to increase the quantity of greeting cards it sells by ...

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The All Smiles Greeting Card Company wants to increase the quantity of greeting cards it sells by ...

Question 1.

When the price of tea decreases 7%, quantity demanded increases 12%. The price elasticity of demand for tea is ________ and total revenue from tea sales will ________.

▸ inelastic; increase

▸ inelastic; decrease

▸ elastic; increase

▸ elastic; decrease

Question 2.

The All Smiles Greeting Card Company wants to increase the quantity of greeting cards it sells by 20%. If the price elasticity of demand is -5.0, the company must

▸ increase price by 4.0%.

▸ decrease price by 4.0%.

▸ increase price by 0.25%.

▸ decrease price by 0.25%.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 176 times

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