1) ns think it’s d2) ns think that a 3) i think aAnd I have no idea because that 4 and also 5, i’m sorry i really tried to help

1) i beg your pardon answer selection correctly says the relationship in between product price and also quantity supplied?

A) together price increases, quantity supplied increases.

You are watching: When the relative price of a good decreases, consumers respond by buying

The it is provided curve is increase sloping, this means that the greater the price, the more quantity supplied. This is because producers obtain more profit when they deserve to sell their products at high prices.

2) i beg your pardon of the adhering to illustrates the train station relationship in between price and quantity demanded of a details good?

B) together price the the good decreases, the quantity of the great demanded

increases

The demand curve is bottom sloping, this way that the higher the price, the much less quantity demanded, and the reduced the price, the more quantity demanded. This is because consumers space interested in lower prices in order come obtain an ext goods for the exact same amount of income.

1. When the price of fresh fish increases 5%, amount demanded decreases 10%. The price elasticity of need for new fish is elastic.

2. The determinants of elasticity include d) every one of the above.

3. Cross-price elasticity of demand measures the response in the d) quantity of one an excellent demanded to a adjust in the price of an additional good.

4. A worth of price elasticity of demand equal come 2 way that b) amount demanded drops by 2 times the amount of boost in price.

Explanation:

Price elasticity of need = % change in amount demanded of a great / % change in price the the good. Value greater than 1 suggests quantity request is price elastic, equal to 1 indicates quantity request is price unitary elastic and also smaller than 1 implies quantity demanded is price inelastic.

Cross Price Elasticity of demand = % adjust in quantity demanded of a great / % change in price of another good.