--%>

Changes in quantity demand determine elastic price

When the price of Kellogg's Corn Flakes goes up by $1.89 to $2.05 and quantity demanded changes with 250 to 210, in that case the price elasticity of demand would be of: (w) .47 (x) .02 (y) 250. (z) 2.14.

I need a good answer on the topic of Economics problems. Please give me your suggestion for the same by using above options.

   Related Questions in Microeconomics

  • Q : Ratio of Wealth and Poverty In 1980

    In 1980 year, the chief executive officers that stand for CEOs of main corporations had income which averaged roughly 40 times as much as the workers they working. In 2005, such ratio is less than: (1) twenty to one. (2) forty to one. (3) one hundred

  • Q : Scarcity of good in market problem In

    In the market of papayas: (1) A scarcity exists at P2. (2) Papayas are a free good at P0. (3) Papayas are presently a scarce good. (4) Consumer’s demand prices equivalent P2 at quantity Q2. (5) Equilibrium price for papayas be P0.

    Q : Supply curve Select the right answer of

    Select the right answer of the question. A supply curve that is a vertical straight line indicates that: A) production costs for this product cannot be calculated. B) the relationship between price and quantity supplied is inverse. C) a change in price will have no ef

  • Q : Experience decreasing costs industry If

    If one industry’s development stimulates development in support and complementary industries, it permits firms within the industry to: (i) move up their rising long run average costs curves. (ii) sell their products for higher prices. (iii) focus old technologie

  • Q : Making purely competitive firm A purely

    A purely competitive firm will produce where is: (w) MC is rising. (x) MC = P. (y) MC = MR. (z) All of the above. Can anybody suggest me the proper explanation for given problem regarding Economics

  • Q : Ranges for the price elasticity of

    Economists can’t conceive of any resource or product for that the: (1) price elasticity of demand is zero and the demand curve is vertical. (2) price elasticity of supply is zero and the supply curve is vertical. (3) income elasticity of demand

  • Q : Problem on organizing the business The

    The individual who wants to begin up a business, however who not want to risk in losing personal property if the business fails, must organizes the business as: (1) Sole proprietorship. (2) Partnership. (3) Corporation. (4) Unlimited partnership.

    Q : Substitution effects resulting from

    The Law of Demand mainly relies heavily on the: (1) Buying power consequences of relative price modifications. (2) Substitution effect resultant from the relative price changes. (3) Increase in opportunity costs as income is worn out. (4) Principle of the non satiety.

  • Q : Meaning of term competition in Economic

    Economists generally use the word “competition” to refer to: (w) negotiations among buyers and sellers. (x) a type of market structure in that competitors are price takers and, occasionally, to rivalrous processes among firms. (y) how pric

  • Q : Maximum negatively-sloped demand curve

    The total revenue of a firm which faces a negatively-sloped demand curve: (w) is at a maximum where marginal revenue is zero. (x) declines while average revenue falls as output grows. (y) rises at an increasing rate over the output range plagued throu