Introduction to Economics 1 Deneme Sınavı Sorusu #1238373
In which case the demand for the good is inelastic?
In which case the demand for the good is inelastic?
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The consumers respond to a 7% increase in the price of a good with 10% decrease in their quantity demanded |
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The consumers respond to a 9% increase in the price of a good with 13% decrease in their quantity demanded |
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The consumers respond to a 29% increase in the price of a good with 7% decrease in their quantity demanded |
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The consumers respond to a 7% increase in the price of a good with 7% decrease in their quantity demanded |
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The consumers respond to a 5% increase in the price of a good with 10% decrease in their quantity demanded |
The demand for a good is said to be elastic if the percentage change of quantity demanded is greater than the percentage change in the price of a good in absolute values. Certainly 29% increase is greater than 7% decrease in absolute values.
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