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
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- If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is
- For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is_________.
- 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_________.
- If the market price of a good is below the equilibrium price ______ A: quantity demanded Hill exceed quantity supplied, resulting in a shortage. B: quantity demanded Hill exceed quantity supplied, resulting in a surplus. C: quantity supplied will exceed quantity demanded, resulting in a shortage. D: quantity supplied will exceed quantity demanded, resulting in a surplus. E: the supply curve will shift to the left and the demand curve will shift to the right.
- For Susie, a 7 percent increase in income results in a 12 percent increase in the quantity demanded of pizza. For Susie, the income elasticity of demand for pizza is_________. A: negative, and pizza is a inferior good B: positive, and pizza is a normal good C: positive, and pizza is an inferior good D: negative, and pizza is an normal good