Suppose that 500 candy bars are demanded at a particular price. If the price of candy bars rises from that price by 10 percent, the number of candy bars demanded falls to 480. Using the midpoint approach to calculate the price elasticity of demand, it follows that the_________.
举一反三
- If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is
- Economists compute the price elasticity of demand as the_________.
- Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is
- If the price of natural gas rises, when is the price elasticity of demand likely to be the highest?
- The slope of the demand curve is not the same as the price elasticity of demand because the slope of a demand curve ( ) A: compares percentage changes in quantity demanded and price. B: compares absolute changes in quantity demanded and price. C: obeys the law of demand. D: is not constant when the demand curve is linear.