Price for a 27 TV = $450. Consumers buy 1000 of them, prices rises to $550 by 600 of them. What is the price elasticity of demand in this range?
What will be an ideal response?
Answer is 2.5
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Trend refers to
A) increases but not decreases of a variable. B) the difference between the maximum value of the variable and the minimum value of the variable. C) a general tendency for a variable to rise or fall. D) the scale used on the x- and y-axes. E) decreases but not increases of a variable.
Scarce government resources in developing countries would be best spent on
a. circulating basic health information b. modern medical equipment c. medical schools d. health care insurance e. none of the above
To be effective, pure bundling requires firms to be able to separate consumers into separate markets
Indicate whether the statement is true or false
If a currency increases in value as a result of government decree rather than market forces, the process is known as
a. reflation. b. revaluation. c. appreciation. d. value-added.