Economics 12E - Arnold - TB_107 - d falls by 10 percent quantity demanded falls 2.3 percent e none of the above ANSWER c POINTS 1 DIFFICULTY Moderate

Economics 12E - Arnold - TB_107 - d falls by 10 percent...

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d. falls by 10 percent, quantity demanded falls 2.3 percent.e. none of the aboveANSWER: cPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: ElasticityKEYWORDS: Bloom's: Application138. As the price of good X rises from $1.50 to $1.75 the result is a decrease in the quantity demanded of good X from 650 units to 590 units. The price elasticity of demand for good X is _____________ and total revenue __________ as the price of good X rises from $1.50 to $1.75.a. 0.63; fallsb. 1.59; risesc. 1.59; fallsd. 0.63; risesANSWER: dPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: ElasticityKEYWORDS: Bloom's: ApplicationNOTES: New139. Demand for a given good is elastic, which means that the percentage change in __________ is greater than the percentage change in __________.POINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: ElasticityKEYWORDS: Bloom's: Comprehension
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