ECONOMICS
ELASTICITY OF DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The market price of a product rose from $8 to $10 and as a result the market demand fell from 20000 to 8000 a week. Consumer X’s demand declined from 30 to 24 and consumer Y’s demand fell from 100 to 60 a week.What can be concluded from this information?
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Consumer X’s demand for the product was more elastic than the market demand
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Consumer X’s percentage share of the market increased.
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Producer’s total profit fell.
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Producer’s total revenue rose.
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Explanation:
There is 1 question to complete.