When the price of commodity C rises by 10%, the quantity demanded falls by (2) 18%. This is an example of : (a) perfectly elastic demand. (b) elastic demand. (c) unitary elasticity of demand.
When the price of commodity C rises by 10%, the quantity demanded falls by (2) 18%. This is an example of : (a) perfectly elastic demand. (b) elastic demand. (c) unitary elasticity of demand.
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
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When the price of commodity C rises by 10%, the quantity demanded falls by (2) 18%. This is an example of :
-
(a) perfectly elastic
demand . -
(b) elastic demand.
-
(c) unitary elasticity of demand.
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(d)
inelastic demand .
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