42) If an increase in income results in a rightward parallel shift of the demand curve, then at anygiven price, the price elasticity of demand will haveAlincreased in absolute terms.B) decreased in absolute terms.C) remained unchanged.D) increased, decreased or stayed the same. It cannot be determined.43) If the demand function for orange juice is expressed as Q = 2000 ( 500p, where Q is quantityin gallons and p is price per gallon measured in dollars, then the demand for orange juice has aunitary elasticity when price equalsA) SO.B) S1.(C) $2.D) $4.2.00 0-S00 (3)2000-100044) If the demand curve for orange juice is expressed as Q=2000 - 500p, where Q is measuredin gallons and p is measured in dollars, then at the price of $3, elasticity equalsA)-0.33.(BY-3.C) -9.D) -17.

Price Elasticity of Demand measures the percentage change in quantity demanded due to percentage…

Answered: 42) If an increase in income results in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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