1. Calculate the price elasticity for each of the following State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price? . The price of pens rises 5%; the quantity demanded falls 10%.

1. Calculate the price elasticity for each of the following State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price? . The price of pens rises 5%; the quantity demanded falls 10%.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit
elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price?
a. The price of pens rises 5%; the quantity demanded falls 10%.

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