Questions 16 – 18 relate to th

Questions 16 – 18 relate to the following:

Suppose that 50 units of a product are sold at a price of $120. The price then falls to $100 and quantity demanded increases to 70 units. Answer the following questions.
16. Based on the information above, the price elasticity of demand (PED) is

a) 0.4584
b) 0.833
c) 1.0833
d) 1.833

17. Based on your calculation in Q16, how would you describe the demand for the product?

a) inelastic
b) elastic
c) unit elastic
d) none of the above
18. Given your response to Q16, if the firm increase the price by 7% what would be the impact (in percentage) on quantity demanded?

a) 4.58 %
b) 7.83%
c) 12.83%
d) 1.83%

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