2. If the coefficient of price elasticity of demand for a good is equal to 0.6 then a 10 percent increase in price results in a decrease in the quantity demanded of the good. A. 60 percent B. 40 percent C. 16.67 percent D. 6.0 percent E. 0.6 percent

2. If the coefficient of price elasticity of demand for a good is equal to 0.6 then a 10 percent increase in price results in a decrease in the quantity demanded of the good. A. 60 percent B. 40 percent C. 16.67 percent D. 6.0 percent E. 0.6 percent

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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Question

2. If the coefficient of price elasticity of demand for a good is equal to 0.6 then a 10 percent increase in price
results in a
decrease in the quantity demanded of the good.
А.
60 percent
B
40 percent
С.
16.67 percent
D
6.0 percent
E.
0.6 percent

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