11. Calculating %age Exx 3* When the price of product "X" increases 15 percent (+15%), the quantity demanded of "X" decreases 12 percent (-12%). The price elasticity of lemand for "X" is: "-1.25" and the demand for "X" is "relatively inelastic." O "-1.25" and the demand for "X" is "relatively elastic." O "-1.25" and "X" is a "normal" good. O "-0.80" and the demand for "X" is "relatively elastic." "-0.80" and the demand for "X" is "relatively inelastic."
11. Calculating %age Exx 3* When the price of product "X" increases 15 percent (+15%), the quantity demanded of "X" decreases 12 percent (-12%). The price elasticity of lemand for "X" is: "-1.25" and the demand for "X" is "relatively inelastic." O "-1.25" and the demand for "X" is "relatively elastic." O "-1.25" and "X" is a "normal" good. O "-0.80" and the demand for "X" is "relatively elastic." "-0.80" and the demand for "X" is "relatively inelastic."
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
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Step 1
Given data:
Price of product X increases 15%
Quantity demanded of X is decreased by 12%
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