When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: cross-elastic. O inelastic. Ounitary elastic. O elastic.

When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: cross-elastic. O inelastic. Ounitary elastic. O elastic.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 16SQ

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Question

When the price of a product is increased 10 percent, the quantity
demanded decreases 15 percent. In this range of prices, demand for
this product is:
O cross-elastic.
inelastic.
Ounitary elastic.
O elastic.

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