BIOL 2070 Lecture Notes - Lecture 4: Breakfast Cereal, Inferior Good, Normal Good

• School: University of Windsor
• Department: Biological Sciences
• Course: BIOL 2070
• Professor: Professor Noel

Document Summary

Choose the one alternative that best completes the statement or answers the question: consider two demand curves and the same price change for both. 3) that brought it about, demand is said to be: elastic, zero elastic, unit elastic, inelastic, unelastic, when the percentage change in quantity demanded is less than the percentage change in price that. 4) brought it about, demand is said to be: unit elastic, inelastic, zero elastic, elastic, unelastic. 1: the formula for the own-price elasticity of demand for a commodity can be written as which of the. 6) from . 20 to 80 cents per unit. The price elasticity of demand for this product is: 4. 0, 1. 5, 0. 5, 1. 0, 2. 0, if the price elasticity of demand is 0. 5, then a 10 percent increase in price results in a. 8) week as a result of a 10 percent increase in its price. 9) falls from . 25 to sh. 75 per unit.