Multiple Choice
Suppose the demand for good x is ln Qxd = 21 − 0.8 ln Px − 1.6 ln Py + 6.2 ln M + 0.4 ln Ax.Then we know that the own price elasticity for good x is:
A) unitary.
B) elastic.
C) inelastic.
D) It cannot be calculated from the existing information.
Correct Answer:
Verified
Correct Answer:
Verified
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