Question: A 3% decrease in the price of Pokmon cards causes the quantity demanded to rise by 12%. The demand for Pokmon cards is unit elastic.

A 3% decrease in the price of Pokmon cards causes the quantity demanded to rise by 12%. The demand for Pokmon cards is unit elastic. perfectly elastic. perfectly inelastic. relatively inelastic. relatively elastic

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1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.

4. It is only at this point that you can give the problem your full attention in relation to the various ways you have framed the problem.