When the price of ski lessons rises by 1 percent, the quantity of ski lessons demanded falls

Question:

When the price of ski lessons rises by 1 percent, the quantity of ski lessons demanded falls by 3 percent. This implies that the price elasticity of demand for ski lessons is

a. -1/3, elastic.

b. -1/3, inelastic.

c. -3, elastic.

d. -3, inelastic.

e. None of the above.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Introduction To Economics Social Issues And Economic Thinking

ISBN: 9780470574782

1st Edition

Authors: Wendy A. Stock

See More Books

Question Posted: Oct 28, 2023 12:02 AM

See More Questions

Explain in the context of the future of marketing, discuss internal marketing, related marketing, and social marketing
On 30 September 2019, Getah Glove Bhd entered into an arrangement with Maju Bhd. Maju Bhd had purchased a machine from Getah Glove Bhd, but due cash flows problems the company arranged a sale and...
List and discuss four tactics that might be used to decrease the level of conformity in groups. What is social proof? What are the advantages and/or disadvantages to using social proof as a...
What favors the formation of continuous (dense) cleavage?
Discuss adjustments commonly made in estimating the cost of debt in emerging countries.
According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal...
A car accelerates from rest to a final constant velocity $V_{f}$ and a police officer records the following velocities at various locations $x$ along the highway: Find a mathematical Eulerian...
Use the table above to proofread the following items and correct them as needed. A. Please address correspondence to the following address: General Mills, PO Box 1493, Minneapolis, MI. B. The...
Select two techniques for forecasting human resources demand and discuss in detail. In your response,explain whether the technique would be more appropriate for a small or a large organization, and...
Name-brand medicines have fewer close substitutes than do generics. This means that the price elasticity of demand for generics is________ the price elasticity of demand for name-brand medicines. a....
The price elasticity of demand is a measure of the a. Relative change in the demand curve in response to a change in price. b. Responsiveness of demand to a change in the price of a substitute good....
What do you think are the main objectives of Islamic contracts? Derive these from the pillars and rules of Islamic contracts.
Provide three benefits of drawing process maps (flowcharts or value stream maps, as some would rather call them).
Explain professional skepticism and why it is important for all auditors.
How does the concept of excellence compare to criteria in the CCCER/5C Model used by internal auditors?
Give an example of how the 8 Es can be used when performing a site visit review.
Explain how an internal audit department can set goals and metrics, and incorporate the 8 Es in its annual performance report highlighting improvements within the organization.
Bittermen Company, which uses standard costing, reported the following overhead information for the last quarter of the year: Actual overhead incurred: Fixed ...................... $10,500 Variable...
Time Solutions, Inc. is an employment services firm that places both temporary and permanent workers with a variety of clients. Temporary placements account for 70% of Time Solutions' revenue;...
Why would a manufacturer set up its own sales branches if established wholesalers were already available?
What is an agent wholesalers marketing mix?
Why do you think that many merchant wholesalers handle competing products from different producers, while manufacturers agents usually handle only noncompeting products from different producers?
1 . differentiate between data elements and data types 2 . distinguish among different types of modern databases 3 . explain how businesses identify risks and opportunities associated with emerging...
Write a job advertisement for an External Auditor. Be sure to include the necessary skills and qualifications, duties and responsibilities for the auditor.
Image transcription text Directional Behavior VCL Transcript This week, we've introduced the idea of directional behavior of materials. We're about ready to explore that a little bit more using the...

When the price of ski lessons rises by 1 percent, the quantity of ski lessons demanded falls

Question:

Step by Step Answer:

The price elasticity of demand is calculated by divi...View the full answer

Introduction To Economics Social Issues And Economic Thinking

Students also viewed these Business questions