The demand curves appear to be fairly flat. The percentage change in quantity demanded results from a price change greater than the percentage change in price. Price elasticity of demand is greater than one. Consumers are NOT very responsive to changes in price.

Question 18.18.   You are the sales manager for a software company and have been informed that the price elasticity of demand for your most popular software is less than 1.  To increase total revenues, you should:         increase the price of the software.        decrease the price of the software.        hold the price of the software constant.        increase the supply of the software. Question 19.19.   A state government wants to increase the taxes on cigarettes to increase tax revenue.  This tax would only be effective in raising new tax revenues if the price elasticity of demand is  unity.        elastic.        inelastic.        perfectly elastic. Question 20.20.   Movie theaters charge lower prices to see a movie in the afternoon than in the evening because there is an  inelastic supply of movies in the evening.        elastic demand to see movies in the evening.        elastic demand to see movies in the afternoon.        inelastic demand to see movies in the afternoon.

qD = 100 – 0.5p,  qS = 2p – 20 What is the price elasticity of demand? Classify and interpret it.

When the price of gasoline rises by 3 % the quantity demanded falls by 0.12 % . Calculate the price elasticity of demand and show whether demand on gasoline is elastic or inelastic .

The percentage change in quantity demanded is 30% and the percentage change in price is 70% Calculate the elasticity of Demand

The price elasticity of demand measures which of the following?         how responsive the quantity demanded is to changes in price         the percentage-slope of the demand curve     the slope of the demand curve based on price       the rate at which demand changes when price changes

The elasticity of demand is used to determine if a change in price results in a shortage or a surplus. find the market equilibrium. determine if consumers will or will not buy a product. measure how responsive consumers are to a change in price. determine in what direction the demand curve shifts if income changes.

If the price elasticity of demand is 10, then for every 1% increase in price, there is a:   Group of answer choices 10% increase in quantity demanded. 10% decrease in quantity demanded. 1% decrease in quantity demanded. 1% increase in quantity demanded.

If the price rises from £4 to £5 and the quantity demanded falls from 100 to 75 then the price elasticity of demand is:

Which of the following conditions would result in a higher price elasticity of demand? a longer period of time all of these the good makes up a large portion of one's budget more substitutes