ECN 220 ECN220 Week 3 Quiz Answers (Grand Canyon University)
ECN 220 ECN220 Week 3 Quiz
- Suppose a university raises its tuition by 6% and, as a result, the enrollment of students decreases by 3%. The absolute value of the price elasticity of demand is:
- When Claudia goes to the gas station, she buys 10 gallons of gas no matter what the price per gallon. What does this imply about her price elasticity of demand for gasoline?
- If the price elasticity of demand is 0.6, then a 10% increase in the price of the good will lead to a ________ in the quantity demanded.
- If the price elasticity of demand is 1.0, and a firm raises its price by 10%, the total revenue will:
- Utility refers to the:
- Marginal utility for a good is computed as:
- Total utility is maximized when:
- A price decrease will cause total revenue to fall if:
- The price elasticity of demand is equal to:
- The law of diminishing marginal utility suggests that:
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