ASAP Pls! Will thumb up! 123Which one is NOT correct?Elasticity refers to how much one variable responds to changes inanother variablePrice elasticity of demand is defined as the percentage change indemand divided by the percent change in price.When demand is elastic, a price increase causes revenue to fall.When demand is inelastic, a price increase does not affect revenue.Which one is NOT correct?For substitute goods, cross-price elasticity is greater than 0For complementary goods, cross-price elasticity is less than 0For complementary goods, a user's value from consuming both is greaterthan the sum of her values from consuming each aloneKodak used to sell cameras at a loss and make money from film. Thisstrategy is to take advantage of the substitutive relationship betweenthe two productsA decade after file sharing and piracy, revenues from concerts wereincreasing for most artists. This fact shows thatBefore file sharing, concerts and music CD were substitutes.After file sharing, concerts and music CD were substitutes.Free recorded music that people obtained through piracy is thecomplement for live concertsThe increase in CD price due to piracy lead to the increase in concertdemand

2 Which one is NOT correct? Elasticity refers to how much one variable responds to changes in another variable Price elasticity of demand is defined as the percentage change in demand divided by the percent change in price. When demand is elastic, a price increase causes revenue to fall. When demand is inelastic, a price increase does not affect revenue.

2 Which one is NOT correct? Elasticity refers to how much one variable responds to changes in another variable Price elasticity of demand is defined as the percentage change in demand divided by the percent change in price. When demand is elastic, a price increase causes revenue to fall. When demand is inelastic, a price increase does not affect revenue.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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