in the price of DVD Task 5 he elastiaty of demand is a) the slope of the demand

Question

in the price of DVD Task 5 he elastiaty of demand is a) the slope of the demand curve b) the inverse of the slope of the demand curve c) the percentage change in pnce for a given percentage change in quantity d) the percentage change in quantity for a given percentage change in price I T measured by 2. If total revenue rises when price rises, the demand curve is a) elastic b) unitary elastic c) inelastic; d) any of the above 3. For which good demand considered to be more elastic: a) milk b) still mineral water c) new production faclity with newest technology applied d) b and c 4. Scarcity exists because there are a) limited wants and abundant resources b) limited resources and unlimited production capabilites c) limited resources and unlimited wants d) limited production capabilities and unlimited quantity of economic resources

Explanation / Answer

Task 5

Answer1: Option D. The percantage chnage in qunatity for a given percentage change in price.
Answer 2: Option C. Inelastic. It proves that demand changes at a slower pace than price.
Answer 3: Option D. Both B and C.
Answer 4: Option C. Limited resources and unlimited wants.  

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