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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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