If you wanted to compare the quantity of output of a country across time periods, which of the following would you use?

What is the most likely result when the price of a good with elastic demand is raised by 10 percent?

(A) The quantity sold will decrease by 15 percent. (B) The quantity sold will increase by 10 percent. (C) The quantity sold will decrease by 10 percent. (D) The quantity sold will decrease by 5 percent.

For teenagers, a 10 percent increase in the price of cigarettes leads to a

a. 1 percent reduction in the quantity demanded of cigarettes. b. 4 percent reduction in the quantity demanded of cigarettes. c. 10 percent reduction in the quantity demanded of cigarettes. d. 12 percent reduction in the quantity demanded of cigarettes.