A good that has a lot of substitutes, that is a necessity and is relatively inexpensive will most likely have a price elasticity of demand that is     a little lower than 1   exactly 1   a little higher than 1   as high as 10

If the price elasticity of supply is 0.6 and price increases by 15 percent, the quantity supplied will increase by. 9 percent. 0.04 percent. 25 percent. 4 percent.

The price elasticity of demand can be found by: comparing the percentage change in quantity demanded to the percentage change in price. measuring absolute changes in price and quantity demanded. knowing that when price changes, quantity demanded goes in the opposite direction. examining only the slope of the demand curve.

The quantity demanded of a commodity at price 8 per unit is 600 units. Its price falls by 25% and quantity demanded rises by 300 units. Calculate elasticity of demand.

The subway fare in your town has just been increased from 50 cents to $1.00 per ride. As a result, the transit authority notes a decline in ridership of 60 percent. What is the price elasticity of demand for subway rides?

Which of the following is most likely to have a low price elasticity of demand? A good that is very expensive. A good with no close substitutes. A good that most people consider a luxury. All are equally likely to have a low price elasticity of demand.

When the price of a good is $6, the quantity demanded is 50 units per month; when the price is $8, the quantity demanded is 30 units per month. Find the arc price elasticity of demand for this good and comment on it.

Discuss price elasticity of demand and how it is calculated.

Netflix raises the price of its service from $11 per month to $14 per month. This causes the number of people subscribing to HCCCtinder – a school-specific dating app – to rise from 2,200 to 2,500. What is the cross-price elasticity of demand? Based upon your answer, are Netflix and HCCCtinder substitutes or compliments?

The price elasticity of demand for a product is 2.152.15. Given that the percentage change in price is 15%15%, what is the percentage change in quantity demanded? Round your answer to two decimal places if necessary.