Question
If a good is a necessity, demand for the good is more likely to be: a. elastic b. inelastic c. horizontal d. unit elastic Suppose
If a good is a necessity, demand for the good is more likely to be:
a.
elastic
b.
inelastic
c.
horizontal
d.
unit elastic
Suppose that, as the price of Y falls from $2.00 to $1.90, the demanded quantity of Y increases from 110 to 118. It can be concluded that the price elasticity of demand using the mid-point method is:?
a.
?-4.00.
b.
-2.09.
c.
-?3.94.
d.
-1.37.
In which of the following instances will total revenue increase??
a.
Prices rise and demand is elastic.
b.
Price rises and demand is inelastic.
c.
Prices rise and supply is elastic.
d.
Prices fall and demand is inelastic.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started