Exam 4: Elasticity

A 3 percent rise in the price of orange juice decreases the quantity of orange juice demanded by 9 percent and increases the quantity of apple juice demanded by 15 percent.The price elasticity of demand for orange juice is ________.The cross elasticity of demand for apple juice with respect to the price of orange juice is ________.

If the Canucks lower ticket prices and total ticket revenue does not change,then the price elasticity of demand for tickets is

If the quantity of carrots demanded increases by a small percentage when income increases by a large amount,the demand for carrots is

If a rise in price decreases total revenue,then the price elasticity of demand is

The cross elasticity of demand between any two goods is defined as the

A horizontal supply curve

The quantity of apples demanded decreases by 8 percent when the price of an apple rises by 8 percent.The demand for apples is

The price elasticity of demand for purses

The elasticity of supply for airplane travel one year in advance of the departure date is most likely to be

If the price elasticity of demand for peaches is 1.8 and the price elasticity of demand for apples is 1.6,then consumers are

If the cross elasticity of demand between goods A and B is negative,then

The demand for a good is price elastic if

Use the figure below to answer the following question. Figure 4.1.3 -Given the relationship shown in Figure 4.1.3 between total revenue from the sale of a good and the quantity of the good sold,then

Figure 4.1.4 -Figure 4.1.4 shows the demand curve for pizza.What is the price elasticity of demand when the price of a pizza is $5?

When the price of gas is $1.00 a litre,the quantity demanded is 1,750 litres.When the price of gas is $2.00 a litre,the quantity demanded is 1,250 litres.Calculate the price elasticity of demand when the price is $1.50 a litre.

When the price of a good increases by 6 percent,the quantity demanded decreases by 3 percent.Most likely,this good ________ and ________.

The elasticity of supply for airplane travel one day in advance of the departure date is most likely to be

Use the figure below to answer the following question. Figure 4.1.1 -Figure 4.1.1 illustrates a linear demand curve.Comparing the price elasticity when price is $3 with the price elasticity when price is $8,we can conclude that

The price of a plum falls by 8 percent and quantity of plums demanded increases by 4 percent.The demand for plums is

Use the table below to answer the following questions. Table 4.1.1 Demand schedule for good A. -Refer to Table 4.1.1.Demand is unit elastic when the price is