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Suedyso Suedyso
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5 years ago

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

Principles of Economics


Edition: 12th
Authors:
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beunikuelbeunikuel
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Suedyso Author
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Helped a lot
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