What are all possible values for elasticity of demand if cutting prices will have no effect on the number of units we sell?

(Assume the supply is not perfectly inelastic. Select each correct answer.)

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<1

=1

1<

<0

=0

0<

<1

=1

1<

<+

=+

What are all possible values for elasticity of demand if a positive shock to the supply resulted in higher quantity sold but market price remained the same?

(Select each correct answer.)

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<

<1

=1

1<

<0

=0

0<

<1

=1

1<

<+

=+

What are all possible values for elasticity of demand if raising the price of our product led to an increase in revenues?

(Assume our product is subject to the law of demand. Select each correct answer.)

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<1

=1

1<

<0

=0

0<

<1

=1

1<

<+

=+

What is the elasticity of demand if by raising our prices by 8% we will lose half of our customers?

(Assume identical quantities per customer.)

What is the elasticity of demand if our revenues remain unchanged when we change our prices (locally)?