Which of the following statements refers to unit elastic demand? a. Price change
ID: 1244895 • Letter: W
Question
Which of the following statements refers to unit elastic demand?a. Price changes by 10 percent and quantity demanded changes by 1 percent as the result.
b. Price changes by 50 percent and quantity demanded changes by 90 percent as the result.
c. Price changes by 10 percent and quantity demanded changes by 10 percent as the result.
d. Price changes by 20 percent and quantity demanded changes by 45 percent as the result.
Which of the following statements refers to unit inelastic demand?
a. Price changes by 10 percent and quantity demanded changes by 1 percent as the result.
b. Price changes by 2 percent and quantity demanded changes by 10 percent as the result.
c. Price changes by 20 percent and quantity demanded changes by 20 percent as the result.
d. Price changes by 0.5 percent and quantity demanded changes by 5 percent as the result.
Thank You
Explanation / Answer
c. Price changes by 10 percent and quantity demanded changes by 10 percent as the result. c. Price changes by 20 percent and quantity demanded changes by 20 percent as the result.