A 50% increase in the price of a luxury car leads to a 60% decrease in quantity demanded. What does this imply about the elasticity of luxury car demand?

What is the formula for calculating the percentage change in quantity demanded using the midpoint method?

When rounding the elasticity calculation result, which of the following is the most appropriate rounding method?

Which of the following best explains why gasoline demand is often inelastic?

Which of the following products is likely to have the most inelastic demand?

Which of the following scenarios best illustrates the concept of long-run elasticity of demand?

When is demand considered inelastic?

A company raises the price of its product, and total revenue decreases. What can be concluded about the elasticity of demand?

Why is understanding elasticity important for a business when making pricing decisions?

If a good has an income elasticity of demand of 1.2, what can be inferred about the nature of the good?

A consumer's income increases by 25%, and their demand for designer clothing increases by 50%. What is the income elasticity of demand for designer clothing, and how would you classify it?

The price of gym memberships increases, and the quantity demanded of home exercise equipment also increases. What logical conclusion can be drawn?

The price of laptops increases, and the quantity demanded of tablets also increases. What logical conclusion can be drawn about their relationship?

Which of the following best describes a perfectly inelastic supply curve?

Using the midpoint method, calculate the price elasticity of demand if the price changes from \$10 to \$12 and the quantity demanded changes from 100 units to 80 units.