QUESTION 4 If people are less responsive to a price change then the O a. demand for that good is said to be unit elastic. b. demand for that good is said to be inelastic. c. demand for that good is said to be elastic. O d. demand for that good is said to be perfectly elastic. QUESTION 5 Figure 10 Price 9 8 5+ 4 3 2+ 1 Demand 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 Quantity Refer to Figure. Using the midpoint method, the price elasticity of demand between point A and point B is O a. 2.0 and the demand is elastic. O b.3.0 and the demand is elastic. O. 0.33 and the demand is inelastic. d. 0.5 and the demand is inelastic.

QUESTION 4 If people are less responsive to a price change then the O a. demand for that good is said to be unit elastic. b. demand for that good is said to be inelastic. c. demand for that good is said to be elastic. O d. demand for that good is said to be perfectly elastic. QUESTION 5 Figure 10 Price 9 8 5+ 4 3 2+ 1 Demand 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 Quantity Refer to Figure. Using the midpoint method, the price elasticity of demand between point A and point B is O a. 2.0 and the demand is elastic. O b.3.0 and the demand is elastic. O. 0.33 and the demand is inelastic. d. 0.5 and the demand is inelastic.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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