question archive Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant rate
Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant rate
Subject:EconomicsPrice:2.88 Bought3
Assume that Zimbabwe and Portugal can switch between producing toothbrushes and producing hairbrushes at a constant rate.
| Machine Minutes Needed to Make 1 | ||
|---|---|---|
| Toothbrush | Hairbrush | |
| Zimbabwe | 3 | 10 |
| Portugal | 5 | 6 |
If the price elasticity of demand for a good is 2.0, then a 10 percent increase in price results in a _____
a. 20 percent decrease in the quantity demanded.
b. 0.2 percent decrease in the quantity demanded.
c. 5 percent decrease in the quantity demanded.
d. 40 percent decrease in the quantity demanded.
Option 1
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