A small elasticity of a good rises from $8 to $12 and the quantity demanded fall from 110to90 units -Alife saving medicne without any dlose substituteswilltend to hevea small elasticity of demand.b. a large elasticity of demand.c a small elasticity of supplyd a large elasticity of supply- The price of a good rises from $8 to $12, and the quan-tity demanded falls from 110 to S90 units. Calculatedwith the midpoint method, the elasttidity isa. 1/5.b. 1/2.c 2d. 5.A linear, downward-sloping demand curve isa inelastic.b unit elasticS elastie.d. inelastic at some points, and elastic at othersThe ability of fims to enter and exit a marlat oveime means that, in the long run,a the demand curve is more elastic.b. the demand curve is lass elastic.ethe supply curve is more elastic

In the consumer's theory, the elasticity of demand measures the responsiveness of the quantity…

Answered: The price of a good rises from $8 to…

The price of a good rises from $8 to $12, and the quan- tity demanded falls from 110 to 90 units. Calculated with the midpoint method, the elastidty is a 1/5. b. 1/2 d. 5.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 2PA

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Question

A small elasticity of a good rises from $8 to $12 and the quantity demanded fall from 110to90 units

-Alife saving medicne without any dlose substitutes
willtend to heve
a small elasticity of demand.
b. a large elasticity of demand.
c a small elasticity of supply
d a large elasticity of supply
- The price of a good rises from $8 to $12, and the quan-
tity demanded falls from 110 to S90 units. Calculated
with the midpoint method, the elasttidity is
a. 1/5.
b. 1/2.
c 2
d. 5.
A linear, downward-sloping demand curve is
a inelastic.
b unit elastic
S elastie.
d. inelastic at some points, and elastic at others
The ability of fims to enter and exit a marlat ove
ime means that, in the long run,
a the demand curve is more elastic.
b. the demand curve is lass elastic.
ethe supply curve is more elastic

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