14. If the price elasticity of demand is 0.6, then a 10 percent increase in the price of the good will lead to a _ in the quantity demanded. a. 6 percent increase b. 6 percent decrease c. 0.6 percent increase d. 0.6 percent decrease

14. If the price elasticity of demand is 0.6, then a 10 percent increase in the price of the good will lead to a _ in the quantity demanded. a. 6 percent increase b. 6 percent decrease c. 0.6 percent increase d. 0.6 percent decrease

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 4PA: A price change causes the quantity demanded of a good to decrease by 30 percent, while the total...

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14. If the price elasticity of demand is 0.6, then a 10 percent increase in the price of the good will lead to a _ in the quantity demanded.

a. 6 percent increase

b. 6 percent decrease

c. 0.6 percent increase

d. 0.6 percent decrease

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