Elasticity

Question or Hint Answer or Word

The price elasticity of demand is 5.0 if a 10 percent increase in the price results in a ________ decrease in the quantity demanded. 50% (wrong answers: 10%, 50%, 2%, 5%)
Negative sign in YED denotes: Inferior Good (wrong answers: Normal Good, Luxury Good, Inferior Good, Necessity Good)
XED = - 0.43 Complement & Inelastic (wrong answers: Complement & Elastic, Substitute & Elastic, Substitute & Inelastic, Complement & Inelastic)
YED = + 2.4 Normal good & Necessity good (wrong answers: Normal good & Necessity good, Normal good & Inelastic, Inelastic & Luxury good, Normal good & luxury good )
When PED is elastic then increase in price leads to... Decrease in revenues (wrong answers: Increase in revenues, Increase in profits, Decrease in profits, Decrease in revenues)
When PED is inelastic then increase in price leads to... Increase in revenues (wrong answers: Decrease in revenues, Decrease in profit, Increase in revenues, Increase in profits)
Income inelastic is: % change in QD is less than % change in income (wrong answers: % change in QD is greater than % change in income, % change in QD is less than % change in income , % change in QD is greater than % change in price, % change in QD equal to % change in income)