A 5 percent increase in the price of sugar causes the quantity demanded to fall by 15

Question:

A 5 percent increase in the price of sugar causes the quantity demanded to fall by 15 per cent. The demand for sugar is _____.

a) perfectly elastic

b) elastic

c) unit elastic

d) inelastic

e) perfectly inelastic

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

Step by Step Answer:

Related Book For answer-question

Microeconomics

ISBN: 9780077641542

11th Edition

Authors: Stephen Slavin

See More Books

Question Posted: Feb 29, 2024 07:01 AM

See More Questions

Suppose a student has an hour before their next class starts. They can either read a book, get something to eat, or take a nap. The opportunity cost of getting something to eat is a) the cost of what...
The following table shows hypothetical demand schedules for sugar for three separate months. To help make the distinction between changes in demand and changes in quantity demanded, choose the...
1. Which of the following is the best definition of economics? A. The study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided B....
M DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO SECTION B. ANSWER ANY THREE (3) QUESTIONS Question 1 (25 marks) You have analyzed Solar Power Ltd. and have reported the results of your analysis...
Meade Publications is a magazine publisher established in Southern California. Financial analysts are concerned about Meade's ability to generate positive returns as printed material becomes less...
Suppose you drive your car in a roundabout traffic circle that is 100 ft in diameter. Assume your tires are on the circumference of the circle, and also assume that your car is 6 ft wide. If you...
Write a code to test a Gaussian pseudorandom number generator. If you do not have a canned generator available, write a generator based on the Box-Muller algorithm in Appendix I. Apply the following...
High Sky, Inc., a hot-air balloon manufacturing firm, currently has the following simplified balance sheet: The company is planning an expansion that is expected to cost $600,000. The expansion can...
In general, should a country's policymakers be concerned if the country has trade imbalances with other countries? If your answer ispolicymakers "no", are there situations in which policy makers...
Which statement is true about the graph in Figure 1? a) Demand is perfectly elastic. b) Demand is perfectly inelastic. c) Demand is more elastic at point X than at point Y. d) Demand is more elastic...
A perfectly elastic supply curve is ______. a) a horizontal line b) a vertical line c) neither a horizontal nor a vertical line
A driver's reaction distance is r(x) = 11/6x and braking distance is b(x) = 1/9x 2 . (a) Find a formula s (x) that computes the stopping distance for this driver traveling at x miles per hour. (b)...
Conceptually define wealth.
The gravitational acceleration g at Earth's surface actually depends slightly on latitude: this means that a ball that is dropped at the equator will accelerate slightly differently than one that is...
How would you define wealth and why?
Critically analysis What is the difference between marriage and cohabitation.? Explain briefly
If a non domiciled non citizen died owning $ 1 . 5 million of US situs assets, what is the estate tax?
(a) For a given value of the principal quantum number n, how many values of the orbital quantum number are possible? (b) For a given value of how many values of the orbital magnetic quantum number m...
A handrail, which weighs 120 N and is 1.8 m long. was mounted to a wall adjacent to a small set of steps (Figure P4.26). The support at A has broken, and the rail has fallen about the loose bolt at 8...
Use the ideas of consumer surplus and producer surplus to explain why economists say competitive markets are efficient. Why are below- or above-equilibrium levels of output inefficient, according to...
Complete the following table and answer the questions below: a. At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know? b. A rational...
Columns 1 through 4 in the table below show the marginal utility, measured in utils, that Ricardo would get by purchasing various amounts of products A, B, C, and D. Column 5 shows the marginal...
discuss the challenges and opportunities in regenerative medicine and tissue engineering using embryonic stem cells, induced pluripotent stem cells, and organoid models, including the ethical...
k=0 2k 'WI Find the sum of the series:
Solve 16X2 Al dx

A 5 percent increase in the price of sugar causes the quantity demanded to fall by 15

Question:

Step by Step Answer:

Microeconomics

Students also viewed these Business questions