Part 1 of 1 -
50.0/ 100.0 Points
Question 1 of 205.0/ 5.0 PointsSuppose that in a month the price of a dozen of eggs increases from $1.50 to $2. At the same time, the quantity of dozens of eggs demanded decreases from 200 to 150. The price elasticity of demand for dozens of eggs is __________ .
A. perfectly inelasticB. inelasticC. unitary elasticD. elastic
Question 2 of 200.0/ 5.0 PointsSuppose that there are only three consumers of a product. At a price of $6 per unit, the first consumer would buy 12 units of the product, the second consumer would buy 8 units, and the third consumer would buy 3 units of the product. If you drew a market demand curve for this product, the quantity demanded at a price of $6 would be __________ .
Question 3 of 200.0/ 5.0 PointsThe market demand curve __________ .
Question 4 of 205.0/ 5.0 PointsThe ratio of the percentage change in quantity demanded to the percentage change in price is known as the __________ .
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