Economics: Microeconomic Analysis - Reading 13: Elasticity - class, quantity, demand, black, white

mayanfang1

Q6. If quantity demanded increases 15% when the price drops 1%, demand for this good:

A)   perfectly elastic.

B)   inelastic, but not perfectly inelastic.

C)   elastic, but not perfectly elastic.

Q7. For a linear demand curve, at the price where elasticity is -2.0, reducing prices will:

A)   increase total revenue and we are at the point of maximum total revenue.

B)   increase total revenue and we are not at the point of maximum total revenue.

C)   decrease total revenue and we are not at the point of maximum total revenue.

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