If a lower price of crude oil leads to lower oil revenue for oil-producing countries, this suggests that the world demand for oil is _____

This question is based on the following information which indicates the demand for airline tickets between Johannesburg and Cape Town for business travellers and holiday travellers.

Using the midpoint method, calculate the price elasticity for business travellers and holiday travellers if the price increases from R1 700 to R3 000. The price elasticity for

Price elasticity of demand gives us a measure of how sensitive or responsive the ________ of a good or service is to a change in the _________ of a good or service.

If the price elasticity of medical care is 0,31 it can be concluded that the demand for medical care is ________ since the percentage change in quantity demanded is ________ the percentage in price.

What does the price elasticity of demand measure?

The price elasticity for the demand for food is most likely to be _____

A perfectly inelastic demand curve is

If the price elasticity of the demand for chocolates is greater than one, then the manufacturers of chocolates can increase their total revenue by raising the price of chocolates.

A perfectly horizontal demand curve has a price elasticity of one all along the curve — this case is referred to as unitary elasticity.

If price elasticity is less than one, a fall in price lowers the total revenue of the suppliers in question.