If the price elasticity of demand for football tickets is 4.5, then a 10 percent increase in the price of football tickets will generate a
a. 4.5 percent decrease in quantity demanded
b. 4.5 percent increase in quantity demanded
c. 45 percent decrease in quantity demanded
d. 45 percent increase in quantity demanded
e. 450 percent increase in quantity demanded
C
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A change in the amount saved due to a change in income is represented by a
A. shift of the entire saving schedule. B. movement along the saving schedule. C. change in the marginal propensity to consume. D. change in the marginal propensity to save.
A movement along a demand curve is most likely to be caused by
A) a change in the population. B) a change in expectations. C) a change in income. D) a change in the price of a good.
The table above has information about an economy. Using this information, GDP equals
A) $6,500 billion. B) $7,800 billion. C) $7,000 billion. D) $8,500 billion. E) some amount that cannot be calculated without information on the amount of government expenditures.
As successive equal increases in a variable factor of production are added to fixed factors of production, there will be a point beyond which the extra product that can be attributed to each additional unit of the variable factor of production will
decline. This is known as the law of A) diminishing total product. B) diminishing average product. C) diminishing marginal product. D) decreasing product.