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tuggy tuggy
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6 years ago
If a good has a price elasticity of demand of -3, it implies that:
A) if the income of the consumer increases by 3%, the quantity demanded of that good will increase by 1%.
B) if the income of the consumer increases by 1%, the quantity demanded of that good will increase by 3%.
C) if the price of the good increases by 1%, the quantity demanded of the good will decrease by 3%.
D) if the price of the good increases by 3%, the quantity demanded of the good will increase by 1%.
Textbook 
Microeconomics

Microeconomics


Edition: 1st
Authors:
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losteinlostein
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6 years ago
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tuggy Author
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6 years ago
Brilliant ツ
Goku935
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Yesterday
I appreciate what you did here, answered it right Smiling Face with Open Mouth
shelbycox
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2 hours ago
this is exactly what I needed
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