24. In Hong Kong. the price elasticity of demand for MTR (Mass Transit Railway) rides is 0.4. When the price of a MTR ticket rises by 2 percent, A. the demand for MTR rides decreases by S percent B. the quantity of MTR rides demanded decreases by 0.8 percent C. the demand for bus rides increases by 5 percent D. the quantity of bus rides demanded increases by 0.8 percent 25. The price elasticity of demand for a good is 0.2. A 10 percent rise in the price will the total revenue from sales of the good. A. decrease E. increase decrease the quantity sold with no change in not change
24. In Hong Kong. the price elasticity of demand for MTR (Mass Transit Railway) rides is 0.4. When the price of a MTR ticket rises by 2 percent, A. the demand for MTR rides decreases by S percent B. the quantity of MTR rides demanded decreases by 0.8 percent C. the demand for bus rides increases by 5 percent D. the quantity of bus rides demanded increases by 0.8 percent 25. The price elasticity of demand for a good is 0.2. A 10 percent rise in the price will the total revenue from sales of the good. A. decrease E. increase decrease the quantity sold with no change in not change
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 4.9P: (Other Elasticity Measures) Complete each of the following sentences: a. The income elasticity of...
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![24. In Hong Kong. the price elasticity of demand for MTR (Mass Transit
Railway) rides is 0.4. When the price of a MTR ticket rises by 2 percent,
A. the demand for MTR rides decreases by 5 percent
B. the quantity of MTR rides demanded decreases by 0.8 percent
C. the demand for bus rides increases by 5 percent
D. the quantity of bus rides demanded increases by 0.8 percent
25. The price clasticity of demand for a good is 0.2. A 10 percent rise in the
price will
the total revenue from sales of the good.
A. decrease
E. increase
decrease the quantity sold with no change in
not change](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feeabf7ec-bb5e-4755-a31e-7e9382a6c311%2F2480baf2-a663-40f8-a405-7bf94d682968%2Fpzn52fn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:24. In Hong Kong. the price elasticity of demand for MTR (Mass Transit
Railway) rides is 0.4. When the price of a MTR ticket rises by 2 percent,
A. the demand for MTR rides decreases by 5 percent
B. the quantity of MTR rides demanded decreases by 0.8 percent
C. the demand for bus rides increases by 5 percent
D. the quantity of bus rides demanded increases by 0.8 percent
25. The price clasticity of demand for a good is 0.2. A 10 percent rise in the
price will
the total revenue from sales of the good.
A. decrease
E. increase
decrease the quantity sold with no change in
not change
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