Multiple Choice
Suppose the price of video games falls from $40 to $20 and as a result the quantity demanded of scooters falls from 40,000 to 10,000 per year.The value of the cross-price elasticity of demand is
A) 1.80.
B) 1.00.
C) 0.83.
D) 0.56.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: If the price increases by 10 percent,and
Q6: Which of the following does not influence
Q29: Total revenue is<br>A)Price times income.<br>B)Quantity sold times
Q63: If income rises by 10 percent and
Q112: To reduce our dependence on foreign oil,policy
Q114: Discuss how the concepts of cross-price elasticity
Q119: Demand is elastic if the consumer has
Q121: Total revenue is equal to<br>A)The income from
Q127: Income elasticity measures the<br>A)Responsiveness of quantity demanded
Q130: Which of the following products will have