If 100 units of product K are sold at a unit price of $10 and 75 units of product K are sold at a unit price of $15, one can conclude that in this price range: A) demand for product K is elastic. B) demand for product K is inelastic. C) demand for product K has shifted to the right. D) consumers are sensitive to price changes of product K.

If 100 units of product K are sold at a unit price of $10 and 75 units of product K are sold at a unit price of $15, one can conclude that in this price range: A) demand for product K is elastic. B) demand for product K is inelastic. C) demand for product K has shifted to the right. D) consumers are sensitive to price changes of product K.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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