Increase in price generates

Assignment Help Business Economics
Reference no: EM13836588

When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded then:

a. Demand is price inelastic

b. Total revenue increases

c. Demand is positively sloped

d. Demand is unit elastic

e. Total revenue decreases

Reference no: EM13836588

Questions Cloud

Evaluate capital budgeting projects : In 250 words, discuss how a project's risk can be incorporated into capital budgeting analysis. Should discounted cash flows be used to evaluate capital budgeting projects?
Statements illustrates diminishing marginal utility : Economists who support minimum-wage legislation are likely to believe that the. Which of the following statements illustrates diminishing marginal utility? Adverse selection--buyers of life insurance will likely have higher than the average death rat..
The topic of: corporate transparency : Do you have a brilliant idea for a heading through the topic of: Corporate transparency and the positive effect on the willingness to share personal data (consumer)
Affordable health care act centre on the efficiency : Many would argue that in a capitalistic economy, the government cannot provide goods and services as efficiently as the private sector. For example, most arguments for and against the Affordable Health Care Act centre on the efficiency of the governm..
Increase in price generates : When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded then:
Contributions to the production of total income : Should a nation's income be distributed to its members according to their contributions to the production of total income or according to the members' needs?
Income inequality equitable : Should society attempt to equalize income or economic opportunities? Are the issues of equity and equality in the distribution of income synonymous? To what degree, if any, is income inequality equitable?
What would be the terms of trade : Assume that country A can produce a unit of good X with 1 labor hour and a unit of good Y with 3 labor hours. Country B can produce a unit of good X with 2 labor hours and a unit of good Y with 8 labor hours. Labor is the only resource used. What wou..
Two firms produce in equilibrium : Consider a Stackelberg competition with one leader and multiple followers. All products are homogeneous. Marginal cost for all firms is zero and all products are homogeneous. If the leader produces a quantity of 6 units how much would each of the oth..

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd