Log in
HomeStudy Guides420,000CA160,000

Economics 1021A/B Study Guide - Final Guide: Cape Breton Nova, Toronto Star, Root Beer

271 views49 pages
scarletturtle777
17 Jun 2016
School
Western University
Department
Economics
Course
Economics 1021A/B
Professor
Jeannie Gillmore

For unlimited access to Study Guides, a Grade+ subscription is required.

mariameelguendou and 38538 others unlocked
ECON 1021A/B Full Course Notes
94
ECON 1021A/B Full Course Notes
Verified Note
94 documents

Document Summary

Topic: price elasticity of demand: if a 10 percent rise in price leads to an 8 percent decrease in quantity demanded, the price elasticity of demand is, 0. 8, 1. 25, 8, 0. 125, 80. Topic: price elasticity of demand: the price of apples falls by 5 percent and quantity of apples demanded increases by 6 percent. We conclude that the demand for apples is: perfectly elastic, unit elastic, elastic, perfectly inelastic, inelastic. Topic: price elasticity of demand: the price of oranges rises by 3 percent and quantity of oranges demanded decreases by 3 percent. We conclude that the demand for oranges is: inelastic, elastic, perfectly inelastic, perfect elastic, unit elastic. Topic: price elasticity of demand: the price of plums falls by 7 percent and quantity of plums demanded increases by 6. 75 percent. We conclude that the demand for plums is: inelastic, perfectly elastic, perfectly inelastic, elastic, unit elastic.

Get access

Grade+
$40 USD/m
Billed monthly
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers

Related Documents

Economics 1021A/B Chapter 4: Chapter 4.docx
bronzeant296
Economics 1021A/B Lecture Notes - Test Method
Economics 1021A/B Lecture Notes - Lecture 4: Mike Dirnt, Inferior Good, Negative Number
plumdolphin947

Related Questions

8. A price elasticity of demand of 2 means that a 10 percent increase in price will result in a A) 2 percent decrease in quantity demanded. B) 5 percent decrease in quantity demanded. C) 20 percent decrease in quantity demanded. D) 2 percent increase in quantity demanded. E) 20 percent increase in quantity demanded.

66) 66) A price elasticity of demand of 2 means that a 10 percent increase in price will result in a A) 5 percent decrease in quantity demanded. B) 20 percent decrease in quantity demanded. C) 20 percent increase in quantity demanded. D) 2 percent decrease in quantity demanded. E) 2 percent increase in quantity demanded.

Absolute price elasticity of demand equal to 0.4 indicates that a

A. 1 percent increase in price leads to a 4 percent decrease in quantity demanded.

B. 10 percent decrease in price leads to a 4 percent increase in quantity demanded.

C. 0.4 percent decrease in price leads to a 1 percent increase in quantity demanded.

D. 4 percent increase in price leads to a 10 percent decrease in quantity demanded.