6. A seller can decrease the price when the demand is a) Elastic b) Inelastic c) Perfectly inelastic d) Perfectly elastic 7) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c) -1 d) -2 Other 8) Based on Question 7, calculate the quantity when the price is equal to 0. a) 13 b) 2 c) 10 d) 5 9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market. a) cannot be determined b) 12 c) 10 d) 14 10) If the price of Pepsi increases, what will happen to the market price of Coke? a) remain unchanged b) decrease c) increase d) change
6. A seller can decrease the price when the demand is
a) Elastic
b) Inelastic
c) Perfectly inelastic
d) Perfectly elastic
7) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve.
a) 0.2
b) 5
c) -1
d) -2
Other
8) Based on Question 7, calculate the quantity when the price is equal to 0.
a) 13
b) 2
c) 10
d) 5
9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market.
a) cannot be determined
b) 12
c) 10
d) 14
10) If the price of Pepsi increases, what will happen to the market price of Coke?
a) remain unchanged
b) decrease
c) increase
d) change
Since you have asked multiple questions, we will solve the first question for you. If you want any specific question to be solved then please specify the question number or post only that question.
Demand is the willingness of consumers to consume goods and services. The elasticity of demand refers to the percentage change in the quantity demanded due to the percentage change in prices.
Step by step
Solved in 4 steps