If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is
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- Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
- If the demand for orange juice is elastic, then as the price falls, quantity demanded for orange juice will ________ and total revenue for orange suppliers will ________. A: increase; increase B: decrease; increase C: decrease; decrease D: increase; decrease
- An increase in market supply and an increase in market demand will result in A: A decrease in equilibrium price and an increase in equilibrium quantity B: A decrease in equilibrium price - the change in equilibrium quantity is indeterminate C: An increase in equilibrium quantity and the change in price is unclear D: all of above
- For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is_________.
- Which of the following will definitely occur when there is an increase in demand for and a decrease in supply of milk? A: an increase in equilibrium quantity B: a decrease in equilibrium quantity C: a decrease in equilibrium price D: an increase in equilibrium price.