Answered: When the price of commodity C rises by…

When the price of commodity C rises by 10%, the quantity demanded falls by (2) 18%. This is an example of : (a) perfectly elastic demand. (b) elastic demand. (c) unitary elasticity of demand.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 19SQ

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Question

When the price of commodity C rises by 10%, the quantity demanded falls by (2) 18%. This is an example of :
1. (a) perfectly elastic demand.
2. (b) elastic demand.
3. (c) unitary elasticity of demand.
4. (d) inelastic demand.

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