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Recommended textbook solutions Principles of Economics8th EditionN. Gregory Mankiw 1,333 solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,042 solutions Explorations in Economics1st EditionAlan Krueger 1,281 solutions Foundations of Microeconomics7th EditionMichael Parkin, Robin Bade 533 solutions When the price of a product is increased 10% the quantity demanded decreases 15% the price elasticity of demand for this product is?Answer and Explanation:
The correct answer choice is B. Demand is said to be price elastic when the value of price elasticity is greater than one. Here, the given percentage change in quantity demanded is 15, while the given percentage change in price is 10 implying that the price elasticity of demand is 1.5.
When the price of Sketchers increase by 10% the quantity demanded falls by 5% the price elasticity of demand is?So, if the price of a good increases by 10 percent and the quantity demanded decreases by only 5 percent, that good is said to have inelastic demand. The quantity demanded does not stretch much relative to the change in price.
When price falls by 5% and demand increases by 6% then elasticity of demand is 1 point?And the inelastic demand is the change in demand is small due to the change in price. Here we can see that the price falls by 5% and the demand increases by 6% so we cans ay that the demand is elastic. Hence, the correct answer is "elastic".
When the price of a product is increased 10 percent the quantity demanded decreases 15 percent the price elasticity of demand coefficient for this product is quizlet?complements. When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: elastic.
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If a 5% cut in the price of a product causes the quantity demanded to rise by 10%, the demand is
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