Quiz 2 Answer - ECON 1550 Quiz 2 Answers 1 The price...

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ECON 1550 Quiz 2 Answers 1) The price elasticity of demand is defined as the magnitude of the A) change in quantity demanded divided by the change in price. B) change in price divided by the change in quantity demanded. C) percentage change in quantity demanded divided by the percentage change in price. D) percentage change in price divided by the percentage change in quantity demanded. Answer: C 2) If Sam wants to increase her total revenue from her sales of flowers and she knows that the demand for flowers is price inelastic, she should 3) If a 20 percent increase in the price of a used car results in a 10 percent decrease in the quantity of used cars demanded, then the demand for used cars is 4) The demand for movies is unit elastic if
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