For the following scenario, select all answers that are correct.   Consider demand for digital SLR cameras in some market. When the price of digital SLR cameras was $2000, consumers bought 4000 units. Instead, when the price fell to $1200, consumers bought 5000 units. Important note: if you arrive at an answer for the price elasticity of demand that is a negative number, you should ignore the minus sign and choose the corresponding answer that is a positive number.多项选择题

A

Using the midpoint method, the price elasticity of demand is 0.44 (rounded to 2 decimal places)

B

Using the midpoint method, the price elasticity of demand is 0.625 (rounded to 2 decimal places)

C

The demand for SLR cameras is elastic in this region

D

Total expenditure (or total revenue) in the SLR camera market decreased with the price fall

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2. When the percentage change in price is greater than the resulting percentage change in quantity demanded: A.    a decrease in price will increase total revenue. B.    demand may be either elastic or inelastic. C.    an increase in price will increase total revenue. D.    demand is elastic.

9.  If demand had the same elasticity for a price decline from $1.00 to $0.50 as it does for the decline from $1.50 to $1.00, would cutting the price from $1.00 to $0.50 increase or decrease Danny’s total revenue?   a. increase b. decrease

2. Using the determinants of price elasticity of demand, for which the following products is demand probably elastic:  a. bottled water b. toothpaste c. Crest toothpaste d. ketchup e. diamond bracelets f. Microsoft’s Windows operating system. 

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