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When the price of a product is increased 10 percent the quantity demanded decreases 15 percent. In this range of prices demand for this product is?
In this range of prices, the demand for the product is considered elastic. This is because the percentage change in quantity demanded (15 percent decrease) is greater than the percentage change in price (10 percent increase). An elastic demand indicates that consumers are responsive to price changes, leading to a significant drop in quantity demanded when prices rise.
What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
When the percent change in price is equal to the percent change in quantity demanded then demand is said to be?
When the percentage change in price is equal to the percentage change in quantity demanded then demand is said to be unit elastic. There are 3 kinds of price elasticity of demand.
How does quantity supplied of a good with a large elasticity of supply react to price change?
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
If a price change causes the quantity demanded of a good to decrease by 30 percent while total revenue of that good increases by 15 percent is the demand curve elastic or inelastic?
inelastic
What is a percent of change?
change of any quantity divided by its original quantity
When the percent change in price is greater than the percent change in quantity demanded demand is said to?
Elastic
What is a ratio that compares a change in quantity to the original amount?
A ratio that compares a change in quantity to the original amount is known as the relative change or percentage change. It is calculated by taking the difference between the new quantity and the original quantity, dividing that difference by the original quantity, and then multiplying by 100 to express it as a percentage. This ratio helps to understand how significant the change is in relation to the original amount.
What is a negative percent of change called?
A negative percent of change is called a "decrease" or "decline." It indicates that the value of a quantity has reduced over a specific period. In mathematical terms, it reflects a negative change in comparison to the original value.
What is a percent change describing an increase in a quantity?
Percent Increase
Can percent change be in the negatives?
yes like -19%. used in stock market/financial stuff
When the percent of change is negative?
The quantity is decreasing.
When the percent change in price is equal to the percent change in quantity demanded demand is said to be what?
in equilibrium
When the price of a product is increased 10 percent the quantity demanded decreases 15 percent. In this range of prices demand for this product is?
In this range of prices, the demand for the product is considered elastic. This is because the percentage change in quantity demanded (15 percent decrease) is greater than the percentage change in price (10 percent increase). An elastic demand indicates that consumers are responsive to price changes, leading to a significant drop in quantity demanded when prices rise.
What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
A percent change describing a decrease in a quantity?
Any percent less than 100.
What process do you use to do find percent change of a quantity?
Multiplying
