Exam 19: Demand and Supply Elasticity

-Use the above figure. When the price increases from $2 to $10, total revenue

If your income rises by 25 percent and, as a result, you buy fewer packages of Ramen Noodles, then Ramen Noodles are a(n)

-The most important determinant of price elasticity of supply is

The price elasticity of demand is a measure of

-Which of the following is a determinant of the price elasticity of demand for a product? I. The existence of substitute goods II. The percentage of a consumer's total budget devoted to purchases of that commodity

The cross price elasticity of demand is measured by the

A value of the absolute price elasticity of demand equal to 0.6 indicates that

Suppose 1000 units of a good are sold at $10 a unit. If price increases to $15 and total revenue increases to $15,000 and increases by $1000 for every dollar increase in price after that, we know that

-In the above table, the cross price elasticity of demand for good Z with good Y when PY rises from $15 to $18 is

We generally expect the price elasticity of supply to be

When price is $5 per unit, quantity demanded is 12 units. When price is $6 per unit, quantity demanded is 8 units. The value of the absolute price elasticity of demand is approximately

When total revenue and price are directly related, demand is

A demand relationship that is a vertical line up from the quantity axis is