1) the graph shows the demand curve for lipstick.
a) draw a point on the curve at a price at...
Business, 02.12.2019 20:31 monifaWilson
1) the graph shows the demand curve for lipstick.
a) draw a point on the curve at a price at which demand is elastic label it elastic.
b) draw a point on the curve at a price at which demand is inelastic. label it inelastic.
c) draw a point on the curve at a price at which demand is unit elastic.
2) choose the statement that is incorrect.
a) elasticity is the ratio of two percentage changes.
b) elasticity is reported as a negative number because a positive change in price brings a positive change in the quantity demanded.
c) elasticity is a units-free measure.
d) elasticity is reported using its magnitude.
Answers: 2
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