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q11- A price elasticity of demand of -1.2 means a:  Select one: a. 12 per cent decrease in the price results in a 12 per cent increase in quantity demanded. b. 10 per cent decrease in the price results in a 12 per cent increase in quantity demanded. c. 1 per cent decrease in the price results in a 12 per cent increase in quantity demanded. d. 10 per cent decrease in the price results in a 1.2 per cent decrease in demand.

q11- A price elasticity of demand of -1.2 means a:  Select one: a. 12 per cent decrease in the price results in a 12 per cent increase in quantity demanded. b. 10 per cent decrease in the price results in a 12 per cent increase in quantity demanded. c. 1 per cent decrease in the price results in a 12 per cent increase in quantity demanded. d. 10 per cent decrease in the price results in a 1.2 per cent decrease in demand.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 2E: The price elasticity of demand for personal computers is estimated to be 2.2. If the price of...
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q11-

A price elasticity of demand of -1.2 means a: 

Select one:
a.

12 per cent decrease in the price results in a 12 per cent increase in quantity demanded.

b.

10 per cent decrease in the price results in a 12 per cent increase in quantity demanded.

c.

1 per cent decrease in the price results in a 12 per cent increase in quantity demanded.

d.

10 per cent decrease in the price results in a 1.2 per cent decrease in demand.

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