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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."

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**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 demand for "X" is: - ( ) "-1.25" and the demand for "X" is "relatively inelastic." - ( ) "-1.25" and the demand for "X" is "relatively elastic." - ( ) "-1.25" and "X" is a "normal" good. - ( ) "-0.80" and the demand for "X" is "relatively elastic." - ( ) "-0.80" and the demand for "X" is "relatively inelastic." **Buttons:** - Save & Continue - Continue without saving
Transcribed Image Text:**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 demand for "X" is: - ( ) "-1.25" and the demand for "X" is "relatively inelastic." - ( ) "-1.25" and the demand for "X" is "relatively elastic." - ( ) "-1.25" and "X" is a "normal" good. - ( ) "-0.80" and the demand for "X" is "relatively elastic." - ( ) "-0.80" and the demand for "X" is "relatively inelastic." **Buttons:** - Save & Continue - Continue without saving
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Price of product X increases 15%

Quantity demanded of X is decreased by 12%

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