#H The price of haircuts increased by 8%, andthe quantity demanded for haircutsdecreased by 4%. From this we canconclude that the demand for haircuts is:Select one:а.price elastic.b.price unit elastic.С.price inelastic.d.cross price inelastic.

Price elasticity of demand measures the responsiveness of change in quantity demand to change in…

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Economics

#H

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 2CQQ: The price of a good rises from 8 to 12, and the quantity demanded falls from 110 to 90 units....

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Question

The price of haircuts increased by 8%, and
the quantity demanded for haircuts
decreased by 4%. From this we can
conclude that the demand for haircuts is:
Select one:
а.
price elastic.
b.
price unit elastic.
С.
price inelastic.
d.
cross price inelastic.

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