123 [h 082 2R 7Win7 [h- te University-ECONS 101 Microeconomics- Fall18 TIBBITTS
ID: 1142517 • Letter: 1
Question
123 [h 082 2R 7Win7 [h- te University-ECONS 101 Microeconomics- Fall18 TIBBITTS Activities and Due Dates Quiz 2 9/27/2018 11:59 PM 1.3/20 Time Remaining: 1 H 53 M Gradeb Periodic Table Question 3 of 15 Sapling Learning Map da Sort the following statements by the price elasticity of demand indicated: elastic, inelastic, or unit elastic Elastic Inelastic Unit Elastic When Cowboy Blues lowers the price of their blue jeans by 230% When Cowboy Blues lowers the price of their blue jeans by 33.0%, When Cowboy Blues lowers the price of their blue jeans by 22.0% the number of jeans sold increases by 5.0%, When Cowboy Blues raises the price of their blue jeans by 45.0% When Cowboy Blues lowers the price of their blue jeans by 59 0%, the number of jeans sold s by 25 the number of jeans sold ses by 65.0% Previous Give Up &View Solution Check Answer ext Exit Hint about us careers privacyExplanation / Answer
PRICE ELASTICITY OF DEMAND FOR THE FOLLOWING:
1) When cowboy blues lowers the price of their blue jeans by 23%, the number of jeans sold increases by 45%. - Elastic
2) When cowboy blues lowers the price of their blue jeans by 22%, the number of jeans sold increases by 5% - inelastic
3) When cowboy blues raises the price of their blue jeans by 45%, the number of jeans sold decreases by 65% - elastic
4) When cowboy blues lowers the price of their blue jeans by 33%, the number of jeans sold increases by 33% - unit elastic
5) When cowboy blues lowers the price of their blue jeans by 59%, the number of jeans sold increases by 25% - inelastic
Price elasticity of demand Ed = Percentage change in quantity demanded/percentage change in price When a 1% change in price calls forth more than 1% change in quantity demanded, the good has price elastic demand. When a 1% change in price calls produces less than 1% change in quantity demanded, the good has price inelastic demand. When a 1% change in price calls produces a 1% change in quantity demanded, the good has unit elastic demand.Related Questions
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