The price elasticity of demand for good x is defined as:
a. percentage change in px / percentage change in x.
b. percentage change in x /percentage change in px.
c. percentage change in x/percentage change in income.
d. percentage change in x /percentage change in py.
b
Economics
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The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week. Between points A and B, the slope of the line equals
A) -5. B) -4. C) -3. D) -1. E) -2
Economics
The AS curve shifts leftward if
A) good weather increases agricultural harvests. B) OPEC reduces world oil prices. C) tax cuts stimulate labor supply. D) the money wage rate increases. E) government expenditure increases.
Economics