Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

question 6 and 7 Incorrect Question 6 0 / 0.5 pts If the price elasticity of demand for a good is 0.8, then which of

question 6 and 7

image text in transcribedimage text in transcribed
Incorrect Question 6 0 / 0.5 pts If the price elasticity of demand for a good is 0.8, then which of the following events is consistent with a 4 percent decrease in the quantity of the good demanded? O a 3.2 percent increase in the price of the good a 4.8 percent increase in the price of the good O a 5 percent increase in the price of the good O a 0.2 percent increase in the price of the goodIncorrect Question 7 0 / 0.5 pts When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to $70, the quantity demanded of good A falls to 400 units. Using the midpoint method, the price elasticity of demand for good A is O 1.50, and an increase in price will result in a decrease in total revenue for good A. O 0.67, and an increase in price will result in an increase in total revenue for good A. O 0.67, and an increase in price will result in a decrease in total revenue for good A. O 1.50, and an increase in price will result in an increase in total revenue for good A

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Douglas Bernheim, Michael Whinston

2nd edition

73375853, 978-0073375854

Students also viewed these Economics questions

Question

2. Discuss the evidence for psychopathy as a heritable disorder.

Answered: 1 week ago