ECON 201 (ECON 201)
West Virgina University
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ECON 201 EXAM 2 WITH 100% SOLUTION
- Exam (elaborations) • 17 pages • 2021
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ECON 201 EXAM 2 WITH 100% SOLUTION
1. In which of these instances is demand said to be perfectly inelastic?
a. A decrease in price of 2% causes a decrease in total revenue of 0%.
b. An increase in price of 2% causes a decrease in quantity demanded of 2%. c. A decrease in price of 2% causes an increase in quantity demanded of 0%.
d. An increase in price of 2% causes a decrease in quantity demanded of 1/2%.
2. Hilda’s Hair Hysteria earned $3,750 in total revenue last month when it ...
Exam (elaborations)
ECON 201 EXAM 2 WITH 100% SOLUTION
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ECON 201 EXAM 2 WITH 100% SOLUTION 1. In which of these instances is demand said to be perfectly inelastic? a. A decrease in price of 2% causes a decrease in total revenue of 0%. b. An increase in price of 2% causes a decrease in quantity demanded of 2%. c. A decrease in price of 2% causes an increase in quantity demanded of 0%. d. An increase in price of 2% causes a decrease in quantity demanded of 1/2%. 2. Hilda’s Hair Hysteria earned $3,750 in total revenue last month when it ...
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