If 100 units of product K are sold at a unit price of $10 and 75 units of product K are sold at a unit price of $15, one can conclude that in this price range: A) demand for product K is elastic. B) demand for product K is inelastic. C) demand for product K has shifted to the right. D) consumers are sensitive to price changes of product K.

If 100 units of product K are sold at a unit price of $10 and 75 units of product K are sold at a unit price of $15, one can conclude that in this price range: A) demand for product K is elastic. B) demand for product K is inelastic. C) demand for product K has shifted to the right. D) consumers are sensitive to price changes of product K.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 22SQ

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