question archive The basic structure of every elasticity measure is Select one: a
The basic structure of every elasticity measure is Select one: a
Subject:EconomicsPrice:2.87 Bought7
The basic structure of every elasticity measure is
Select one:
a. the percentage change in price that results from a one-percent change in quantity demanded.
b. the percentage change in quantity demanded that results from a one-percent change in (price/income/price of related good).
c. the percentage change in quantity demanded that results from a ten-percent change in price.
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Answer:
Currect option is:
b. the percentage change in quantity demanded that results from a one-percent change in (price/income/price of related good).
Elasticity is the responsiveness of the quantity demanded to change in price.
Its thus the amount of change of the quantity demanded in response to the unit change in price
