Week 3 Quiz Review

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As we move down a downward sloping demand curve, the price elasticity of demand

If the price elasticity of demand for a good is .25, the demand for the good can be described as:

Let's assume that the demand for a particular product is inelastic in the short run, but elastic in the long run. A price increase will.

Price elasticity of demand measures:

A product has a price of $6.00 and sales of 650 units. Price increases to $8.00 and the quantity of sales falls to 550. The price elasticity of demand is

If price falls by 10 percent and the quantity demanded increases by 15 percent, the demand for the product is

Let's assume that the supply of paper increases resulting in a decrease in the price of paper, but the quantity sold doesn't change. This tells us that

Angie of Angie's Cupcake Emporium sells custom cupcake packages for 18.00. She sells 100 packages a week at that price. She ran a sale this week and charged $15.00. She sold 200. What is her elasticity of demand?