attemptphpattempt179158page5 Email moodle lat uvawise 2018 B

attempt.php?attempt-179158page-5 E-mail: moodle lat] uvawise. 2018 BUS-346001-1718-SP -Section 1: Review of Foundations Homework # 4 (Multiple-Choice Type) If the percentage increase in price is 15 percent and the value of the price elasticity of answered demand is -3, then quantity demanded d out of Select one: O a. will decrease by 5 percent. O b. will decrease by 45 percent. O c. will increase by 5 percent. O d. will increase by 45 percent. g question ct

Solution

B. Will decrease by 45 percent

Because when price increase in that situation demand decrease and when price decrease demand increase.

So,when 15% price increase and -3 demand then 15*3=45% demand will decrease