Question

**If the percentage change in
price is 10 percent and the demand is elastic, how would the
quantity demanded percentage change?**

**If a decrease in price
increases total revenue, what can you determine about the
elasticity of demand for the good?**

Answer #1

**Ans:** If the percentage change in price is 10
percent and the demand is elastic, the quantity demanded percentage
would be more than 10 percent. Elastic demand means a small change
in price leads more change in quantity demanded. so the percentage
change in quantity demanded is more than the percentage in its
price.

**Ans:** If a decrease in price increases total
revenue, we can say that the elasticity of demand for the good is
elastic. A decrease in price leads more quantity demanded in case
of elastic demand. As a result the total revenue will increase
.

CLASS: Elastic or Inelastic?
A price change causes the quantity demanded of a good to drop by
20 percent, yet total revenue still increases by 10 percent. Is
demand elastic or inelastic? How can you tell?

A price change causes the quantity demanded for a good to
increase by 20 percent and the total revenue of that good decreases
by 15 percent. What can you say about the price elasticity of
demand at this point.
It's elastic
It's inelastic
It's unitary elastic
It's perfectly elastic

8.
When the price increases by 30 percent and the quantity demanded
drops by 30 percent, the price elasticity of demand is
unitary elastic.
elastic.
perfectly inelastic.
inelastic.
perfectly inelastic.
9.
If the cross-price elasticity of demand between Good A and Good
B is 2 and the percentage change in price of Good A is 5 percent,
what is the percentage change in quantity demanded of Good B?
-3 percent
1.50 percent
10 percent
3 percent
-1.25 percent

A measure of the rate of percentage change of quantity demanded
with respect to price, holding all other determinants of demand
constant is
a.
Income elasticity of demand
b.
Own price elasticity of demand
c.
Price elasticity of market equilibrium
d.
Cross price elasticity of demand
The value of the income elasticity of demand coefficient for
Good X is given as 0.1. This means that
a.
as income increases by 10 percent, quantity demanded rises by 1
percent.
b.
as income...

1. What is the numerical value for the price elasticity of
demand if a price change causes no change in quantity
demanded?________ What is the numerical value for elasticity of
demand if a price change causes no change in total revenue?________
What is the elasticity of demand for a horizontal demand
curve?________ What is the elasticity of demand if a price increase
leads to an increase in total revenue? elastic /
inelastic. What is the numerical value for the elasticity...

5a)The price of car batteries increases by 10 percent and the
quantity demanded decreases by 10 percent. What is the price
elasticity of car batteries?
Unit elastic, and revenue will not change
Elastic, and revenue will increase
Elastic, and revenue will decrease
Inelastic, and revenue will increase
b)Good A and Good B have negative income elasticities, but Good
A is more negative than Good B. If the economy’s income increases,
which of the following is true?
Good A’s demand will...

True/False Answer Following Questions.......16-. The demand for
oil would become less elastic if the price of oil increases by
significant amount for a long period of time. 17-. When demand is
inelastic, total revenue goes down in proportion to a price
increase. 18- Elasticity of demand is always negative. 19-. If the
price of a good increases from $100 to $110 and quantity demanded
decreases from 100 units to 90 units, the demand would be
classified as unit elastic. 20-...

1-As we move up the demand curve, the price elasticity of demand
* A) increases B) decreases C) becomes unitary D) does not
change
2-If the price of lemonade increases relative to the price of
grape juice, the demand for: * A) grape juice will decrease. B)
grape juice will increase. C) lemonade will decrease. D) lemonade
will increase.
3-An increase in price will result in no change in total revenue
if: * A) the percentage change in price is...

When the demand is elastic, the percentage change in quantity is
(greater/smaller) than the percentage change in price, so when the
price falls, the total revenue (increases/decreases).

If the demand for umbrellas is price elastic,
Group of answer choices
a percentage change of quantity demanded of umbrellas will be
greater than the percentage change of price
a percentage change of quantity demanded of umbrellas will be
less than the percentage change of price
a percentage change of quantity demanded of umbrellas will be
equal to the percentage change of price
no change of quantity demanded of umbrellas will happen as a
result of a change in price

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 3 minutes ago

asked 9 minutes ago

asked 9 minutes ago

asked 13 minutes ago

asked 23 minutes ago

asked 40 minutes ago

asked 48 minutes ago

asked 52 minutes ago

asked 54 minutes ago

asked 59 minutes ago

asked 1 hour ago

asked 1 hour ago