The price of haircuts increased by 8%, and the quantity demanded for haircuts decreased by 4%. From this we can conclude that the demand for haircuts is: Select one: a. price elastic. b. price unit elastic. c. price inelastic. d. cross price inelastic.

The price of haircuts increased by 8%, and the quantity demanded for haircuts decreased by 4%. From this we can conclude that the demand for haircuts is: Select one: a. price elastic. b. price unit elastic. c. price inelastic. d. cross price 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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Question

The price of haircuts increased by 8%, and the quantity demanded for haircuts decreased by 4%. From this we can conclude that the demand for haircuts is:

Select one:

price elastic.

price unit elastic.

price inelastic.

cross price inelastic.

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