answersLogoWhite

0

What else can I help you with?

Related Questions

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?

In this range of prices, the demand for the product is considered elastic. This is because the percentage change in quantity demanded (15 percent decrease) is greater than the percentage change in price (10 percent increase). An elastic demand indicates that consumers are responsive to price changes, leading to a significant drop in quantity demanded when prices rise.


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%


When the percent change in price is greater than the percent change in quantity demanded demand is said to?

Elastic


What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?

Unit elastic


What is the percent of a quantity that increases or decreases from its original amount?

the discount


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.


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 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


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%.