12. What do you have to know in order to calculate the price elasticity of supply?
13. The sign (positive or negative) on the income elasticity of demand tells us:
14. If the price elasticity of demand (calculated using the mid-point method) for -eBooks is 2.5, and the price of e-Books rises from $18 to $22, then the quantity demanded will: a. decrease by 8%.b. decrease by 25%.c. decrease by 50%.d. increase by 2.5%.
15. The demand for a good becomes relatively more elastic as:
16. What happens to the elasticity of demand as we move down to the right along a straight-line demand curve?