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Terms in this set (17)Which of the following statements is an example of perfectly elastic demand? Sherry is overwhelmed with buyers of her peaches when she lowers their price by a penny a pound compared to other sellers in the farmers' market. When the price of a good
increased by 5 percent, the quantity demanded of it decreased 10 percent. elastic Which of the following statements describes an elastic demand? Mary's quantity demanded of milk decreased by 8 percent when the price of milk rose by 5 percent. When the price of a good increased by 10
percent, the quantity demanded of it decreased 2 percent. 0.20; increase When the price of a good increased by 10 percent, the quantity demanded of it decreased 2 percent. clothing The
price elasticity of demand for Russell's chocolate chip cookies is 1.5. Russell wants to increase his total revenue. lower; elastic When the price of a good increased by 3 percent, the quantity demanded of it decreased 6 percent. is a luxury; has good substitutes Which of the following is an example of price elasticity of demand? When the price of bananas increased by 5 percent and nothing else changed, the quantity of bananas demanded decreased by 2 percent. Which of the following statements describe an inelastic demand? Megan did not buy too many hockey tickets even though their price dropped by 10 percent. The graph illustrates the demand for movie tickets. True The graph illustrates the demand for movie tickets. increases because demand is elastic The graph illustrates the demand for movie tickets 4 Which of the following statements describes a perfectly inelastic demand? Walgreens does not find any change in the number of people buying chlorthalidone after a 7 percent rise in its price. The demand for plums is unit elastic if _____. a 5 percent rise in the price of plums results in a 5 percent decrease in the quantity of plums demanded When the price of tomatoes rises from $3 per pound to $4 per pound, the quantity of tomatoes sold decreases from 15 pounds to 10 pounds. Total revenue _____, and using the total revenue test, we can determine that the demand for tomatoes is _____ . decreases from $45 to $40; elastic One winter recently, the price of home heating oil increased by 20 percent and the quantity demanded decreased by 2 percent. increases; greater One winter recently, the price of home heating oil increased by 20 percent and the quantity demanded decreased by 2 percent. the same direction; inelastic Recommended textbook solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 881 solutions Principles of Microeconomics8th EditionN. Gregory Mankiw 889 solutions Essential Foundations of Economics7th EditionHenry Cheeseman 232 solutions Principles of Macroeconomics5th EditionBen Bernanke, Robert Frank 446 solutions Sets found in the same folderQuiz Me: 7.1 Price Ceilings8 terms sweetrollthief Econ HW 265 terms Rebecca_Stone4 Homework: Chapter 17 Homework56 terms sweetrollthief Quiz Me: 8.1 Taxes on Buyers and Sellers12 terms sweetrollthief Other sets by this creatorASVAB402 terms sweetrollthief BUSI 2301 Chapter 22: CommLaw.022.doc61 terms sweetrollthief BUSI 2301 Chapter 22: Commercial Law_22.pptx87 terms sweetrollthief Chapter 22 Terms and Concepts15 terms sweetrollthief Verified questions
ECONOMICS Draw a diagram with aggregate demand, short-run aggregate supply, and long-run aggregate supply. Be careful to label the axes correctly. Verified answer
ECONOMICS Does monetary policy or fiscal policy most directly affect the economy? Why? Verified answer
ECONOMICS Reserves greater than the required amounts _____ Verified answer
QUESTION For each of the following industry practices, explain whether the practice supports the conclusion that there is tacit collusion in this industry. A. For many years the price in the industry has changed infrequently , and all the firms in the industry charge the same price. The largest firm publishes a catalog containing a "suggested" retail price. Changes in price coincide with changes in the catalog. B. There has been considerable variation in the market shares of the firms in the industry over time. C. Firms in the industry build into their products unnecessary features that make it hard for consumers to switch from one company's products to another 's. D. Firms meet yearly to discuss their annual sales forecasts. E. Firms tend to adjust their prices upward at the same times. Verified answer Other Quizlet setsBSC 219 Blood Vessels89 terms tdcovey Behavioral Psychology Exam 3 CH. 545 terms Laylany98 Questions 60 - 8020 terms Kaylene_Munoz Infective Endocarditis, Pericarditis, Myocarditis,…45 terms kayla_kohlmeier Related questionsQUESTION When will firm keep producing even if losing money 2 answers QUESTION 7. What effect does insurance have on the cost of healthcare? 2 answers QUESTION The company must consider several other factors in its external environment when setting prices. 5 answers QUESTION 3) The long run is distinguished from the short run because only in the long run 5 answers When the price of a product is raised by 10 percent the quantity demanded fall by 20 percent in this range of prices demand for this product is?Answer and Explanation: The correct answer choice is B. Demand is said to be price elastic when the value of price elasticity is greater than one. Here, the given percentage change in quantity demanded is 15, while the given percentage change in price is 10 implying that the price elasticity of demand is 1.5.
When the price of a good increased by 5 percent the quantity demanded of it decreased 10 percent the price elasticity of demand?When the price of a good increased by 5 percent, the quantity demanded of it decreased by 10 percent. Most likely, this good is a luxury and has good substitutes. Since the elasticity of demand is greater than 2 in absolute terms, it means that the good is price elastic.
When the price of a product is increased 10 percent the quantity demanded decreases 15 percent in this range of prices demand for this product is?complements. When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: elastic.
What is the effect of a 10 percent price increase on quantity demanded if 1 is less than elasticity and elasticity is less than infinity?What is the effect of a 10 percent price increase on quantity demanded if 1 is less than elasticity and elasticity is less than infinity? Quantity demanded drops by more than 10 percent. the price of a truck times the quantity sold.
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When the price of a good increased by 10 percent the quantity demanded of it decreased 2 percent demand for this good is?
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