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Statements about elasticity

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Reference no: EM131633745

True/False, Explain: For each of the following statements about elasticity (price and cross-price), indicate True or False and explain your answer.

  1. For linear demand, the slope and the elasticity are identical at any given price.
  2. Demand for a good has been estimated as Q = 1,998 - 74P where Q is units per month and P is $/unit; thus, the price elasticity at the point P = $18 is -2.0.
  3. If demand is relatively elastic at the current price, then a decrease in price will result in an increase in total revenue.
  4. If the price elasticity is zero, then any price change will also have a zero effect on total revenue.
  5. If the cross-price elasticity of demand for milk with respect to soda is eMilk, Soda = +0.12, then the cross-price elasticity of demand for soda with respect to milk would also be +0.12.

Reference no: EM131633745

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