11. Calculating %age Exx 3* When the price of product "X" increases 15 percent (+15%), the quantity demanded of "X" decreases 12 percent (-12%). The price elasticity of lemand for "X" is: "-1.25" and the demand for "X" is "relatively inelastic." O "-1.25" and the demand for "X" is "relatively elastic." O "-1.25" and "X" is a "normal" good. O "-0.80" and the demand for "X" is "relatively elastic." "-0.80" and the demand for "X" is "relatively inelastic."
11. Calculating %age Exx 3* When the price of product "X" increases 15 percent (+15%), the quantity demanded of "X" decreases 12 percent (-12%). The price elasticity of lemand for "X" is: "-1.25" and the demand for "X" is "relatively inelastic." O "-1.25" and the demand for "X" is "relatively elastic." O "-1.25" and "X" is a "normal" good. O "-0.80" and the demand for "X" is "relatively elastic." "-0.80" and the demand for "X" is "relatively inelastic."
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 1SCQ: From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand...
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Transcribed Image Text:11. Calculating %age Exx
*3* When the price of product "X" increases 15 percent (+15%), the quantity demanded of "X" decreases 12 percent (-12%). The price elasticity of
demand for "X" is:
O "-1.25" and the demand for "X" is "relatively inelastic."
"-1.25" and the demand for "X" is "relatively elastic."
O "-1.25" and "X" is a "normal" good.
O "-0.80" and the demand for "X" is "relatively elastic."
O "-0.80" and the demand for "X" is "relatively inelastic."
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