If price elasticity of demand is greater than 1, a reduction in the selling price will result in an increase inthe sales demand, so that total sales revenue increases.However, we do not know what will happen to total costs. Total costs will inevitably rise because moreunits of product will...
If price elasticity of demand is greater than 1, a reduction in the selling price will result in an increase inthe sales demand, so that total sales revenue increases.However, we do not know what will happen to total costs. Total costs will inevitably rise because moreunits of product will...
【单选题】If the income elasticity of demand for a good is greater than one, the good is: A. a noncyclical normal good. B. a cyclical normal good. C. neither a normal nor an inferior good. D. an inferior good. 相关知识点: ...
结果1 题目 If the price elasticity of demand for a good is greater than one, then the demand for that good is: A. perfectly elastic. B. unit elastic. C. elastic. D. inelastic. 相关知识点: 试题来源: 解析 elastic. 反馈 收藏 ...
If price elasticity is greater than 1, the good is elastic; if less than 1, it is inelastic. If a good’s price elasticity is 0, there is no amount of price change that produces a change in demand, and it is perfectly inelastic. ...
Price elasticity of demand is an indicator of the impact of a price change, up or down, on a product's sales. If the price elasticity of demand is greater than 1, it is deemedelastic. That is, demand for the product is sensitive to an increase in price. A price incre...
2. Different values of PED -Elastic (demand)where the price elasticity of demand is greater than 1. Theresponsivenessof demand is proportionally greater than the change in price. -Inelastic (demand)where the priceelasticityof demand is less than 1. The responsiveness of demand is proportionally ...
If Price Elasticity of Demand = 1, then demand is unit elastic. This means that the increase in price would result in the same decrease percentage in demand. If Price Elasticity of Demand is greater than 1, then demand is elastic and it is more than proportionately affected by a change in...
2. Different values of PED - 📖Elastic (demand)where the price elasticity of demand is greater than 1. The responsiveness of demand is proportionally greater than the change in price. - 📖Inelastic (demand)where the price elasticity of demand is less than 1. The responsiveness of demand ...
How an income elasticity of demand of greater than 1.00 affects the demand Skills Practiced These assessments cover the following: Reading comprehension- ensure that you draw the most important information from the related lesson on income elasticity ...