Price elasticity of demand is -1.0. If output increases A. revenue decreases B. revenue increases OC. price increases D. price decreases O E. Both A and D are correct.

Use the slider to explore the price elasticity of demand. Price (dollars per cup) 6 5 4 3 2 1 0 5 Unit elastic 10 15 OA. 5 and demand is elastic; 0.2 and demand is inelastic. OB. 0.2 and demand is inelastic; 5 and demand is elastic OC. 5 and demand is inelastic; 0.2 and demand is elastic OD. 0.2 and demand is elastic; 5 and demand is inelastic Price elasticity of demand = 1 Explore the elasticity in the graph and then answer the question. In the graph you have just explored, how does the price elasticity of demand change when the price rises? When the price of a latte is $1 a cup, the price elasticity of demand is elasticity of demand is Demand 20 25 30 Quantity (cups of latte per hour) and when the price is $5 a cup, the price

O the producer should raise the price, but not as high as it was, to increase total revenue. Question 2 3 pts Assume that the price elasticity of demand is 0.20. Given a 10 percent increase in price, we will see a 2 percent decrease in the quantity demanded. O2 percent increase in the quantity demanded. O20 percent decrease in the quantity demanded. O 20 percent increase in the quantity demanded. Question 3 3 pts

As more time passes, the price elasticity of gasoline O A. becomes perfectly elastic. OB. stays the same. OC. increases. E O D. decreases. OE. becomes perfectly inelastic.

ion 7 et ered ed out of g tion At point D, demand is: Price X 0.5X 8 0.5Y a. Unit elastic. b. Perfectly inelastic. O c. Inelastic d. Elastic D E Quantity

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