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26 Feb 2019
*Please provide the answer but also explain what is inelastic, elastic,unitary elastic
*Please explain elasticity of demand values
*Please explain what is an inferior good, how to obtain the answer.
1) If the price of gasoline increases 10% and quantity demanded decreases by 5%, then the demand curve for gasoline is:
A) inelastic.
B) elastic.
C) unitary elastic.
D) a perfect substitutable good.
2) If a good has an elasticity of demand of 21, then we say the good is:
A) highly inelastic.
B) unitary elastic. C) not elastic.
D) highly elastic.
3) For inferior goods, when an individual's income decreases, quantity demanded for these goods increases.
A) True
B) False
*Please provide the answer but also explain what is inelastic, elastic,unitary elastic
*Please explain elasticity of demand values
*Please explain what is an inferior good, how to obtain the answer.
1) If the price of gasoline increases 10% and quantity demanded decreases by 5%, then the demand curve for gasoline is:
A) inelastic.
B) elastic.
C) unitary elastic.
D) a perfect substitutable good.
2) If a good has an elasticity of demand of 21, then we say the good is:
A) highly inelastic.
B) unitary elastic. C) not elastic.
D) highly elastic.
3) For inferior goods, when an individual's income decreases, quantity demanded for these goods increases.
A) True
B) False
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28 Feb 2019
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