Determine relatively price elasticity for given demand

A price elasticity of demand of 2.0 implies that at that point, the demand curve is: (w) income elastic. (x) relatively price elastic. (y) relatively price inelastic. (z) unitarily price elastic.

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

View Complete Question

Related Questions in Microeconomics

Q : When is Price Ceiling not create

Price ceilings do NOT create pressures for: (w) shortages of price controlled goods. (x) black markets, queuing, or sales by favoritism. (y) opportunity costs to be lower than or else. (z) transactions at monetary prices below the equilibrium price.

Q : Oligopoly market Elucidate why are

Elucidate why are firms mutually interdependent in oligopoly market.

Q : Joint Profit Maximization Joint profit

Joint profit maximization is least compatible along with the behavior of: (w) General Motors’ division in Chevrolet, Cadillac, Hummer, Delco Remy and Frigidaire, etc. (x) a successful cartel as like OPEC. (y) a collusive agreement leading to sha

Q : Equilibrium for a price maker firm I

I have a problem in economics on Equilibrium for a price maker firm. Please help me in the following question. In equilibrium, for a price maker firm, the charge of monopolistic exploitation is any difference among: (1) P and MR. (2) P and MC. (3) VMP

Q : Define bank rate Bank rate : This is

Bank rate: This is the rate of interest at which central bank provides loan and advance to commercial banks.

Q : Simple circular flow model The simple

The simple circular flow model illustrates that: A) households are on the buying side of both product and resource markets. B) businesses are on the selling side of both product and resource markets. C) households are on the selling side of the resource market and on

Q : Marginal social cost and marginal

If marginal social cost (MSC) equivalents marginal social benefit (MSB) as: (i) no injurious pollutants are being pumped within the environment. (ii) consumers enjoy more surplus than do producers. (iii) producers surplus is minimized

Q : Problem on equilibrium market price I

I have a problem in economics on equilibrium market price. Please help me in the following question. The equilibrium market price subsists only if: (1) Quantity demanded equivalents the quantity supplied. (2) Surpluses exceed the shortages. (3) Expert

Q : Pricing strategy In a competitive

In a competitive pricing strategy how does one can arrive for a multi-service practice where there are no specific products in question?

Q : Price elasticity of demand among

The price elasticity of demand as in below illustrated figure for DVD games among prices of $20 and $30 is about: (w) 1.00. (x) 25. (y) 1/25. (z) 1/2.

Discover Q & A

Leading Solution Library

Avail More Than 1457834 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1944741
Asked

3,689

Active Tutors

1457834

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment