a. If price elasticity of demand is -1.3 and price increases by 2 percent, quantity demanded (increases/decreases) by (< 2 percent> 2 percent−2 percent.)   b. If price elasticity of demand is -0.3 and price decreases by 2 percent, quantity demanded will (decreases/increases) by (< 2 percent−2 percent> 2 percent.) c. If price elasticity of demand is -1.3 and price increases by 2 percent, quantity demanded will (increases/decreases) by (> 2 percent−2 percent< 2 percent.)   d. If price elasticity of demand is -0.3 and price decreases by 2 percent, quantity demanded will (increases/decreases) by (< 2 percent−2 percent> 2 percent.)

ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
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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a. If price elasticity of demand is -1.3 and price increases by 2 percent, quantity demanded (increases/decreases) by (< 2 percent> 2 percent−2 percent.)

 

b. If price elasticity of demand is -0.3 and price decreases by 2 percent, quantity demanded will (decreases/increases) by (< 2 percent−2 percent> 2 percent.)

c. If price elasticity of demand is -1.3 and price increases by 2 percent, quantity demanded will (increases/decreases) by (> 2 percent−2 percent< 2 percent.)

 

d. If price elasticity of demand is -0.3 and price decreases by 2 percent, quantity demanded will (increases/decreases) by (< 2 percent−2 percent> 2 percent.)

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