Which statement is true? D1 is more elastic than D2. D2 is more elastic than D1.
ID: 2496032 • Letter: W
Question
Which statement is true? D1 is more elastic than D2. D2 is more elastic than D1. D1 and D2 have the same elasticity. There is no way to determine the relative elasticities of D1 and D2. Cross elasticity of demand measures the response in the quantity of one good demanded to a change in the price of another good. the income of consumers to the change in the price of goods. the price of a good to a change in the quantity of another good demanded. quantity of one good demanded when the quantity demanded of another good changes. Income elasticity of demand measures how. responsive the quantity of one good demanded to a change in the price of another good the consumption of various goods and services respond to change in income the quantity demanded responds to a change in price responsive the quantity- supplied is to a change in priceExplanation / Answer
10)D2 is flatter than D1,so D2 is more elastic than D1.So correct answer is B.
11)Cross elasticity of demand measures change in quantity demanded of a good to change in price of other good.So correct option is A.
12)Income elasticity of demand measures how consumption of good changes due to change in income.so correct option is B.
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