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6115pq3 - Practice Quiz Chapter 3 1 The coefficient of...

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Practice Quiz – Chapter 3 1. The coefficient of demand elasticity, E , a. is the percentage change in the price of the good divided by the percentage change in the quantity demanded. b. measures the responsiveness of quantity demanded to changes in the price of the good. c. describes how the firm's total cost changes as price changes. d. both a and b 2. The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues. The Interior Department must believe that 3 If the demand for umbrellas is price inelastic, a. changes in price do not affect the number of umbrellas demanded.
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