If the price of good X falls by 8 percent and as a result the quantity demanded of good X rises by 4 percent, the absolute value of the coefficient of price elasticity of demand for good X is and good X is price in demand in the current price range.

-0.5; Inelastic

Explanation:

Given that,

Decrease in the price of good X = 8 percent

As a result, increase in the quantity demanded for good X = 4 percent

Here, we are using the percentage method,

Price elasticity of demand:

= Percentage change in the quantity demanded ÷ Percentage change in the price

= 4 ÷ 8

= -0.5

The good X is price inelastic in demand because a change in price have a relatively smaller impact on the quantity demanded for a good.

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )