ECO 561 Week 6 Quiz
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1. If the demand curve is QD = 100 â 10P and there is a $1 price increase, then the elasticity of demand at P = 2 is
A. -0.25
B. -0.5
C. -0.75
D. -1
2. If the absolute value of a demand elasticity is less than 1, then
A. the demand is inelastic, and a price rise will reduce the total revenue
B. the demand is inelastic, and a price rise will increase the total revenue
C. the demand is elastic, and a price rise will reduce the total revenue
D. the demand is elastic, and a price rise will increase...
- Exam (elaborations)
- • 3 pages's •
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ECO 561 Week 6 Quiz•ECO 561 Week 6 Quiz
Preview 1 out of 3 pages
1. If the demand curve is QD = 100 â 10P and there is a $1 price increase, then the elasticity of demand at P = 2 is
A. -0.25
B. -0.5
C. -0.75
D. -1
2. If the absolute value of a demand elasticity is less than 1, then
A. the demand is inelastic, and a price rise will reduce the total revenue
B. the demand is inelastic, and a price rise will increase the total revenue
C. the demand is elastic, and a price rise will reduce the total revenue
D. the demand is elastic, and a price rise will increase...
1. If the demand curve is QD = 100 â 10P and there is a $1 price increase, then the elasticity of demand at P = 2 is
A. -0.25
B. -0.5
C. -0.75
D. -1
2. If the absolute value of a demand elasticity is less than 1, then
A. the demand is inelastic, and a price rise will reduce the total revenue
B. the demand is inelastic, and a price rise will increase the total revenue
C. the demand is elastic, and a price rise will reduce the total revenue
D. the demand is elastic, and a price rise will increase...
- Exam (elaborations)
- • 3 pages's •
-
ECO 561 Week 6 Quiz•ECO 561 Week 6 Quiz
Preview 1 out of 3 pages
1. If the demand curve is QD = 100 â 10P and there is a $1 price increase, then the elasticity of demand at P = 2 is
A. -0.25
B. -0.5
C. -0.75
D. -1
2. If the absolute value of a demand elasticity is less than 1, then
A. the demand is inelastic, and a price rise will reduce the total revenue
B. the demand is inelastic, and a price rise will increase the total revenue
C. the demand is elastic, and a price rise will reduce the total revenue
D. the demand is elastic, and a price rise will increase...