Suppose the Government of Nova Scotia Wants to Reduce the Consumption

question 110

Multiple Choice

Suppose the government of Nova Scotia wants to reduce the consumption of electricity by 5 percent.The price elasticity of demand for electricity is 0.40.You advise the Nova Scotia government to

• A)raise the price of electricity by 12.5 percent.
• B)raise the price of electricity by 2 percent.
• C)lower the price of electricity by 12.5 percent.
• D)raise the price of electricity by 8 percent.
• E)lower the price of electricity by 2 percent.

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Definitions:

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