Supposethatquantitydemandfallsby30%asaresultofa5%increaseinprice.Thepriceelasticityofdemandforthisgoodis
A. inelastic and equal to 6.
B. elastic and equal to 6.
C. inelastic and equal to 0.17.
D. elastic and equal to 0.17.
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Supposethepriceofpotatochipsdecreasesfrom$1.45to$1.25and,asaresult,thequantityofpotatochipsdemandedincreasesfrom2,000to2,200.Usingthemidpointmethod,thepriceelasticityofdemandforpotatochipsinthegivenpricerangeis
A. 2.00.
B. 1.55.
C. 1.00.
D. 0.64.
Anincreaseinpricecausesanincreaseintotalrevenuewhendemandis
A. elastic.
B. inelastic.
C. unit elastic.
D. All of the above are possible.
Whendemandisinelastic,adecreaseinpricewillcause
A. an increase in total revenue.
B. a decrease in total revenue.
C. no change in total revenue but an increase in quantity demanded.
D. no change in total revenue but a decrease in quantity demanded.
Ifthepriceofwalnutsrises,manypeoplewouldswitchfromconsumingwalnutstoconsumingpecans.Butifthepriceofsaltrises,peoplewouldhavedifficultypurchasingsomethingtouseinitsplace.Theseexamplesillustratetheimportanceof
A. the availability of close substitutes in determining the price elasticity of demand.
B. a necessity versus a luxury in determining the price elasticity of demand.
C. the definition of a market in determining the price elasticity of demand.
D. the time horizon in determining the price elasticity of demand.
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