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When the price of a product is increased 10 percent the quantity demanded decreases 15percent in this range of prices demand for this product is?
complements. When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: elastic.
When the price of a good increased by 10 percent the quantity demanded of it decreased by 2 percent?
The demand for a good is inelastic if the percentage decrease in the quantity demanded is less than the percentage increase in its price. In this example, a 10 percent price rise brings a 2 percent decrease in the quantity demanded, so demand is inelastic.
When the price of a product is increased 15% the quantity demanded decreases 10% we can therefore conclude that the demand for the product is?
Answer and Explanation:
When the price of a product is increased 15 percent, the quantity demanded decreases 10 percent. We can therefore conclude that the demand for this product is: b. Inelastic. The percentage change in demand is lower than the percentage change in price.
What is the effect of a 10 percent price increase in quantity demanded if elasticity is zero?
What is the effect of a 10 percent price increase on quantity demanded if elasticity is infinite? Quantity demanded drops to 0. the goods are complements.