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When the price of a product is increased 10 percent the quantity demanded decreases 15 percent. In this range of prices demand for this product is?
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When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
When the percent change in price is equal to the percent change in quantity demanded then demand is said to be?
When the percentage change in price is equal to the percentage change in quantity demanded then demand is said to be unit elastic. There are 3 kinds of price elasticity of demand.
Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by?
25 percent
Suppose the elasticity of demand for cereal is 1. If cereal increases in price by 25 percent how much will the quantity demanded decrease by?
25 percent
If a quantity increases by 10 percent then decreases by 10 percent will the result be the original quantity?
No. For example, 500 increased by 10% = 550 Now, decreasing 550 by 10% results in: 495, not 500.
When the percent change in price is equal to the percent change in quantity demanded demand is said to be what?
in equilibrium
When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
What is the percent of a quantity that increases or decreases from its original amount?
the discount
What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
When the percent change in price is greater than the percent change in quantity demanded demand is said to?
Elastic
When the percent change in price is equal to the percent change in quantity demanded then demand is said to be?
When the percentage change in price is equal to the percentage change in quantity demanded then demand is said to be unit elastic. There are 3 kinds of price elasticity of demand.
Suppose the elasticity of demand for cereal is 1. If cereal increases in price by 25 percent how much will the quantity demanded decrease by?
25 percent
Suppose the elasticity of demand for cereal is 1 if cereal increases in price by 25 percent how much will the quantity demanded decreased by?
25 percent
If the price of a product goes up by 10 percent and the quantity demanded goes up by the 20 percent the product is an inferior good.?
yes
Suppose the price elasticity of demand for bread is 0.20 If the price of bread falls by 10 percent the quantity demanded will increase by?
2%.
What is the price elasticity for a good when there is a 10 percent decrease in price which results in a 2 percent increase in quantity demanded?
2/10=0.2 <1 the good is price inelastic
