Solved

If Elasticity for a Product Is 2 and Demand Decreases

Question 65

Multiple Choice

If elasticity for a product is 2 and demand decreases by 10 percent,what was the percent price change for the product?

A) an increase of 2 percent
B) a decrease of 2 percent
C) an increase of 10 percent
D) a decrease of 5 percent
E) an increase of 5 percent

Related Questions

Q60: In order to prove that macaroni is

Q61: If an increase in the price of

Q62: Exhibit 5.7<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1208/.jpg" alt="Exhibit 5.7

Q63: Table 5.2<br> <span class="ql-formula" data-value="\begin{array}{c}\begin{array}{lll}\\

Q64: Income elasticity of demand is greater than

Q66: Which of the following does not determine

Q67: What is the effect of a 10

Q68: The larger the proportion of a consumer's

Q69: Table 5.3<br> <span class="ql-formula" data-value="\begin{array}

Q89: If the income elasticity of demand for