Microeconomics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson

تمرين 10

* Are the following statements true or false Explain your answers.
a. A 10 percent reduction in price that leads to a 15 percent increase in the amount purchased indicates a price elasticity of more than 1.
b. A 10 percent reduction in price that leads to a 2 percent increase in total expenditures indicates a price elasticity of more than 1.
c. If the percentage change in price is less than the resultant percentage change in quantity demanded, demand is elastic.