Suppose the price elasticity of demand for a novel translated into English is perfectly inelastic. Assume the initial price of the novel is $24 and the quantity demanded is 222 copies per year. If the price of the novel increases by $3, then the quantity demanded will be ___ copies per year. (is it 222 copies?).
Suppose the price elasticity of demand for a mystery novel by Stephen King is infinitely elastic. in this example, assume the initial price of the novel is $26 and the quantity demanded is 14 thousand copies per year. If the price of the mystery novel increases by $1, then the quantity demanded will be ___ copies per year.
1 answer
None
2 answers