Question
Suppose Joe's price elasticity of demand for tennis balls is_____. If the price of tennis balls has decreased by 14%, then itcan be concluded that
Suppose Joe's price elasticity of demand for tennis balls is_____. If the price of tennis balls has decreased by 14%, then itcan be concluded that the quantity of tennis balls demanded by Joehas ______ by 7%, everything else held constant.
A.) 0.5, increased
B.) 0.5, decreased
C.) 2.0, increased
D.) 2.0, decreased
Suppose Joe's price elasticity of demand for tennis balls is_____. If the price of tennis balls has decreased by 14%, then itcan be concluded that the quantity of tennis balls demanded by Joehas ______ by 7%, everything else held constant.
A.) 0.5, increased
B.) 0.5, decreased
C.) 2.0, increased
D.) 2.0, decreased
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
978-0538453257
