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Recommended textbook solutions Principles of Economics8th EditionN. Gregory Mankiw 1,333 solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,042 solutions Macroeconomics for AP2nd EditionDavid Anderson, Margaret Ray 608 solutions Principles of Macroeconomics6th EditionN. Gregory Mankiw 436 solutions When the price of a product is increased by 10 percent the quantity demanded decreases 10 percent?Answer and Explanation: The correct answer choice is B. Demand is said to be price elastic when the value of price elasticity is greater than one. Here, the given percentage change in quantity demanded is 15, while the given percentage change in price is 10 implying that the price elasticity of demand is 1.5.
When the price of a good increases by 10 percent the quantity demanded of it decreases by 2 percent?The demand for a good is inelastic if the percentage decrease in the quantity demanded is less than the percentage increase in its price. In this example, a 10 percent price rise brings a 2 percent decrease in the quantity demanded, so demand is inelastic.
When a 10% change in price leads to more than 10% change in quantity demanded we say demand is?perfectly elastic demand
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When the price of a product is increased 15% the quantity demanded decreases 10% we can therefore conclude that the demand for the product is?Answer and Explanation:
When the price of a product is increased 15 percent, the quantity demanded decreases 10 percent. We can therefore conclude that the demand for this product is: b. Inelastic. The percentage change in demand is lower than the percentage change in price.
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When the price of a product is increased 10 percent the quantity demanded decreases 10 percent?
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