The absolute price elasticity of demand for good X is 1.2 when price is measured in dollars. If price were measured in cents, the price elasticity elasticity of demand would equal
A) 1200.
B) 12.
C) 1.2.
D) 0.012.
Ans: C) 1.2.
You might also like to view...
A point outside a society's production possibilities curve is one that is
A) unattainable given the resources of the society. B) technologically inefficient. C) undesirable given the implied underemployment of resources. D) desirable since it satisfies the desires of the population.
The PE ratio is determined by dividing the earnings per share by the current market price of the stock
a. True b. False Indicate whether the statement is true or false
Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500Real GDP per capita ________ between 2009 and 2010.
A. decreases B. remains constant C. increases D. cannot be calculated
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and Px = $10, Py = $20, X = 20, and M = 400?
A. 5 B. 10 C. 20 D. 0