Based on Table 1, find the best answer to describe the table. a)Demand b)Supply c)Inelastic supply d)Unitary elastic supply 2. Based on Table 1, calculate the degree of price elasticity. a)2 b)-1 c)1 d)0.25 3. Given that the price elasticity of demand is -3, if the price increases by 2%, how much the quantity demanded will change? a)6% b)-6% c)0.06% d)-0.06%
Based on Table 1, find the best answer to describe the table. a)Demand b)Supply c)Inelastic supply d)Unitary elastic supply 2. Based on Table 1, calculate the degree of price elasticity. a)2 b)-1 c)1 d)0.25 3. Given that the price elasticity of demand is -3, if the price increases by 2%, how much the quantity demanded will change? a)6% b)-6% c)0.06% d)-0.06%
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
1. Based on Table 1, find the best answer to describe the table.
a)
b)Supply
c)Inelastic supply
d)Unitary elastic supply
2. Based on Table 1, calculate the degree of
a)2
b)-1
c)1
d)0.25
3. Given that the price elasticity of demand is -3, if the price increases by 2%, how much the quantity demanded will change?
a)6%
b)-6%
c)0.06%
d)-0.06%
4. A seller can decrease the price when the demand is
a) Elastic
b) Inelastic
c) Perfectly inelastic
d) Perfectly elastic
Transcribed Image Text:Table 1: Price and Quantity of Good X
Quantity
Price
4
8
5
10
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