Price elasticity of demand as the absolute value

The price elasticity of demand is approximately measured as the absolute value of as: (1) (% change in Q) / (% change in Y). (2) ratio of the slopes of demand relative to supply. (3) (% change in Q) / (% change in P). (4) constant slope along all linear demand curves. (5) infinite slope of a vertical demand curve.

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 : Involvement of price makers firms

Price-maker firms would most likely comprise: (1) a tomato farmer in California. (2) a sheep herder who produces wool in a remote part of New Zealand. (3) a stock broker who contacts customers through the internet. (4) a rural grocery store. (5) the b

Q : Institutes a legal price floor in

Assume that recent advances within agricultural technology resulted into the U.S. wheat market being at a first equilibrium upon S0D0. Farmers complain which gluts within the wheat market have depressed their incomes, endangering the family farm.

Q : Pure economic profit on rate of return

Owners of corporate stock obtain pure economic profit only to the extent which the rates of return realized by owning the stock exceed the: (1) interest rate that would have been produced by other investments entailin

Q : Fixed input in short run I have a

I have a problem in economics on fixed input in short run. Please help me in the following question. Which of the given below is most likely to be the fixed input in short run for General Motors? (i) An assembly line worker. (ii) Paint for cars. (iii)

Q : Illustration of demand for Spurs tickets

Can someone help me in finding out the precise answer from the given options. In the year 2005, the San Antonio Spurs basketball team increased all ticket prices and attendance surpassed the year 2004 attendance, pointing out a raise in the: (i) Upward slope of ticket

Q : Excess demand in macro economics What

What is meant by Excess demand in macro economics: In macro economics, if aggregate demand is greater than aggregate supply at full employment level, then there is excess demand.

Q : Responding higher prices for heating

Can someone help me in finding out the right answer from the given options. Canadians would ultimately be likely to respond to higher prices for heating oil and natural gas through (i) Turning up their electric blankets and insulating their houses more carefully. (ii)

Q : Monopolistic-Exploitation problem In

In equilibrium for the price maker firm, the rate of monopolistic exploitation is the difference between: (i) P and MR. (ii) P and MC. (iii) Total revenue and net cost per unit of output. (iv) Output price and rate of monopsonistic exploitation. (v) VMP and MRP.

Q : Pure competitors in the market structure

Marginal revenue is not below the market price by the perspectives of simply: (i) monopolistic competitors. (ii) monopolists. (iii) cartel members. (iv) pure oligopolists. (v) pure competitors. Can

Q : Shutdown point of purely competitive

A purely competitive firm will shut down while: (w) marginal costs exceed marginal revenues. (x) this cannot cover its fixed costs. (y) marginal revenue falls below average total costs (z) this can’t cover its variable costs.

Discover Q & A

Leading Solution Library

Avail More Than 1429012 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1944208
Asked

3,689

Active Tutors

1429012

Questions
Answered

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

Submit Assignment