The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) Price (dollars per unit) 100-1 90- 80- 70- 60- 50- 40- 30- 20- 10- 0- 65 31 0 D 25 :59 10 20 30 40 50 60 70 80 90 100 Quantity (1,000s of units per unit of time) Q Q

The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) Price (dollars per unit) 100-1 90- 80- 70- 60- 50- 40- 30- 20- 10- 0- 65 31 0 D 25 :59 10 20 30 40 50 60 70 80 90 100 Quantity (1,000s of units per unit of time) Q Q

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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If a 10% decrease in the price of one product thatyou buy causes an 8% increase in quantity demandedof that product, will another 10% decrease in the pricecause another 8% increase (no more and no less) inquantity demanded?
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indicates how much of a product consumers are both willing and able to but at each possible price during a given period, other things constant
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If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
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