question archive At a specific point on the demand curve for backpacks, the elasticity of demand is calculated to be -0
Subject:EconomicsPrice:2.87 Bought7
At a specific point on the demand curve for backpacks, the elasticity of demand is calculated to be -0.5.
a. At that point, we would describe demand as ( inelastic / elastic / unit elastic / fully supplied ).
b. If the price of backpacks fell by 10%, the quantity demanded would rise by (10% /5% / 50% / 0% ) and revenue for the backpack industry would ( fall / rise) remain the same .
c. If the price of backpacks rose by 20% the quantity demanded would fall by ( 20% / 10% / 25% / 40%) and revenue for the backpack industry would ( fall / rise) remain the same .
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