What does a price elasticity of demand greater than 1 indicate?

Using the midpoint method, calculate the price elasticity of demand if the price of a product decreases from \$8 to \$6 and the quantity demanded increases from 400 units to 600 units.

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

Which of the following is likely to have more elastic demand: luxury cars or basic food items?

What is the quantity effect in the context of total revenue?

If a company increases the price of its product and total revenue decreases, how should the demand be classified?

Which of the following statements is true regarding elasticity?

What is the primary difference between slope and elasticity on a demand curve?

If the quantity demanded decreases from 100 units to 80 units, what is the percentage change in quantity demanded?

A product has an income elasticity of demand of -0.5. What type of good is this, and what does this imply about consumer behavior?

A 25% increase in the price of public transportation leads to a 15% increase in the quantity demanded of bicycles. Calculate the cross-price elasticity and evaluate the relationship between public transportation and bicycles.

Why is the price elasticity of supply always positive?

If a supply curve rotates from a horizontal to a vertical position, what happens to its elasticity?

What is the formula for calculating the price elasticity of demand?

What is the formula for calculating the income elasticity of demand?