4. The price elasticity of demand for bracelets is 2.1. How would you interpret this? a. When the price of bracelets increases by 10% the quantity demanded of bracelets decreases by 21% b. When the price of bracelets decreases by 10% the quantity demanded of bracelets decreases by 21% c. When the price of bracelets increases by 10% the quantity demand of bracelets decreases by 2.1% d. When the price of bracelets decreases by 10% the quantity demanded of bracelets decreases by 2.1%

4. The price elasticity of demand for bracelets is 2.1. How would you interpret this? a. When the price of bracelets increases by 10% the quantity demanded of bracelets decreases by 21% b. When the price of bracelets decreases by 10% the quantity demanded of bracelets decreases by 21% c. When the price of bracelets increases by 10% the quantity demand of bracelets decreases by 2.1% d. When the price of bracelets decreases by 10% the quantity demanded of bracelets decreases by 2.1%

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 2PA

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