Choose the one alternative that best completes the statement or answers the question.
1. Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity 1) sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula.
2. If the demand for a life- saving drug was perfectly inelastic and the price doubled, the quantity 2) demanded would
3. Which of the following statements is true?
4. If the absolute value of the price elasticity of demand for DVD movies is 0.8 then the elasticity of 4) demand for the DVD for the movie The Hangover should be
5. Suppose a decrease in the supply of bottled water results in a decrease in revenue. This indicates 5) that
6. Which of the following statements is true? 6)
7. When the price of tortilla chips rose by 10 percent, the quantity of tortilla chips sold fell 4 percent, 7) and the sale of dips (like salsa and bean dip) fell 8 percent. This set of facts indicates that
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