Microeconomics homework...please hellppp!?

Posted on 2014-04-15 10:05:00 in Economics by SARAL

during the depression of the 1930s, the price of radios fell by about 30 percent and the quantity sold decreased by about the same amount. this indicates that the demand for radios:

a-was elastic

b-was inelastic

c-was of unitary elasticity

d-must have shifted to the left

e-must have shifted to the right





if the price of videotapes decreases and consumer expenditures on videotapes also decrease, we can conclude that:

a-the demand for videotapes is inelastic

b-the demand for videotapes is elastic

c-the demand for videotapes is unit elastic

d-videotapes are inferior goods

e-videotapes are normal goods

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