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132. When the price of a good increases by 50 percent, quantity demanded decreases by 2 percent. What is the price elasticity of demand? a. /25 b. 2 C. 25 d. 50 e. It is impossible to determine from the information given. 133. If the percentage change in quantity demanded for a product is greater than zero and is smaller than the percentage change in price that caused it, then demand for the good is a. perfectly inelastic. b. inelastic. c. infinitely elastic. d. unit elastic. e. elastic. 134 The formula for the price elasticity of demand is the a. unit change in price times the unit change in quantity demanded. b. change in price divided by the absolute change in quantity demanded. c. percentage change in price divided by the percentage change in quantity demanded. d. percentage change in quantity demanded divided by the percentage change in price e. percentage change in price divided by the percentage change in total revenue. 135. The price elasticity of demand for a product is 2, which implies that a. if the price increases by 1 percent, the quantity demanded will decrease by 2 percent. if the price increases by I unit, the quantity demanded will decrease by 2 units. d. if the price increases by 1 percent, the quantity demanded will increase by 1 percent. if the quantity demanded increases by 1 percent, the price will decrease by 2 percent. e. the change in quantity demanded divided by the change in price is equal to 2. 136. When a university increased tuition by 10 percent, the munber of students enrolled in fell by 15 percent. This university is faced with a(n) demand. a . elastic C . inelastic unit elastic d. infinitely elastic e. perfectly inelastic