Get Your Report Now! When using market survey data to determine the salary range for a position, you could use the 10th, 50th, and 90th percentiles as your minimum, mid-point, and maximum for the range. Or, maybe the 25th, 50th, and 75th percentiles would do okay.
Definition: Elastic demand is an economic concept that occurs when the quantity of a product responds intensively to a change in the price of the product. What Does Elastic Demand Mean? What is the definition of elastic demand? According to the law of demand, when the price of a product rises, the quantity demanded declines because people are not willing to spend more money on a particular product.
1.The price elasticity of demand is: a) the ratio of the percentage change in quantity demanded to the percentage change in price. b) the responsiveness of revenue to a change in quantity. c) the ratio of the change in quantity demanded divided by the change in price. d) the response of revenue to a change in price.2.If demand is price elastic, then: a) a rise in price will raise total revenue. b) a fall in price will raise total revenue. c) a fall in price will lower the quantity demanded.. Suppose we know that the price elasticity of demand of good X is equal to -1.2. Then, if its price will increase by 5%, we can predict with certainty that. a) quantity demanded of that good will increase.