Suppose that quantity demand falls by 25as a result of a 14% increase in price. The price elasticity of demand for this good is O inelastic and equal to 0.10 O elastic and equal to 10 O inelastic and equal to 10 O elastic and equal to 0.10

Suppose that quantity demand falls by 25as a result of a 14% increase in price. The price elasticity of demand for this good is O inelastic and equal to 0.10 O elastic and equal to 10 O inelastic and equal to 10 O elastic and equal to 0.10

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 2SQ

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Question

Suppose that quantity demand falls by 2 as a result of a 14% increase in price. The price elasticity of demand for this good is
O inelastic and equal to 0.10
O clastic and equal to 10
O inelastic and equal to 10
O elastic and equal to 0.10

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