When the price of product “X” increases 12 percent (+ 12%), Josh decreases his quantity demanded of “X” by 15 percent and Kayla decreases her quantity demanded of “X” by 6 percent. Josh’s demand for “X” is (relatively inelastic/unitary elastic/relatively elastic) and Kayla’s demand for “X” is (relatively inelastic/unitary elastic/relatively elastic). Relatively elastic; relatively inelastic. Relatively inelastic; relatively elastic. Relatively inelastic; relatively inelastic.
When the price of product “X” increases 12 percent (+ 12%), Josh decreases his quantity demanded of “X” by 15 percent and Kayla decreases her quantity demanded of “X” by 6 percent. Josh’s demand for “X” is (relatively inelastic/unitary elastic/relatively elastic) and Kayla’s demand for “X” is (relatively inelastic/unitary elastic/relatively elastic). Relatively elastic; relatively inelastic. Relatively inelastic; relatively elastic. Relatively inelastic; relatively inelastic.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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When the price of product “X” increases 12 percent (+ 12%), Josh decreases his quantity demanded of “X” by 15 percent and Kayla decreases her quantity demanded of “X” by 6 percent. Josh’s demand for “X” is (relatively inelastic/unitary elastic/relatively elastic) and Kayla’s demand for “X” is (relatively inelastic/unitary elastic/relatively elastic).
Relatively elastic; relatively inelastic.
Relatively inelastic; relatively elastic.
Relatively inelastic; relatively inelastic.
Relatively elastic; relatively elastic.
Unitary elastic; relatively elastic.
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