Exam 4: Elasticity

Suppose when the price of coffee beans goes from $1 to $1.20 per pound,production increases from 90 million pounds of coffee beans to 110 million pounds per year.Using the mid-point method,the percentage change in quantity supplied is:

(Multiple Choice)

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Question 41

The demand for markers is ___ than is the demand for Sharpies because .

(Multiple Choice)

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Question 42

The demand for novels is _ than is the demand for science textbooks because ______.

(Multiple Choice)

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Question 43

Assuming elasticity of demand is reported as an absolute value,a price elasticity of demand of 0.4 indicates an:

(Multiple Choice)

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Question 44

The price elasticity of demand for eggs is .27 and the price elasticity of demand for soft drinks is .70.Therefore,the demand for eggs

(Multiple Choice)

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Question 45

An automobile manufacturing plant is likely to have a price elasticity of supply than a bread bakery due to ___.

(Multiple Choice)

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Question 46

Suppose when the price of calculators is $18,the quantity demanded is 90,and when the price is $22,the quantity demanded drops to 70.Using the mid-point method,the price elasticity of demand is:

(Multiple Choice)

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Question 47

The concept of price elasticity is applied to changes in:

(Multiple Choice)

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Question 48

The demand for classical music is _ than is the demand for Beethoven's music because _.

(Multiple Choice)

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Question 49

A horizontal demand curve indicates:

(Multiple Choice)

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Question 50

The price elasticity ofdemand for insulin is:

(Multiple Choice)

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Question 51

Suppose price increases from $9.00 to $11.00.Using the mid-point formula,the percentage change in price is:

(Multiple Choice)

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Question 52

An increase in price:

(Multiple Choice)

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Question 53

A perfectly inelastic demand:

(Multiple Choice)

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Question 54

The determinants of price elasticity of demand include:

(Multiple Choice)

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Question 55

A rare coin dealer is likely to have a _ price elasticity of supply than does a coffee shop due to ______.

(Multiple Choice)

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Question 56

The demand for Farm fresh brand apple juice is likely to be:

(Multiple Choice)

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Question 57

When price was 10,quantity demanded was 50.When price decreased to 8,quantity demanded increased to 60.Therefore,when price decreased,total revenue

(Multiple Choice)

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Question 58

If the price of butter increases 5 percent and the amount of margarine purchased increases 25 percent,then the cross-price elasticity of these goods is:

(Multiple Choice)

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Question 59

If a good has an elastic demand,then:

(Multiple Choice)

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Question 60

Exam 4: Elasticity

Suppose when the price of coffee beans goes from $1 to $1.20 per pound,production increases from 90 million pounds of coffee beans to 110 million pounds per year.Using the mid-point method,the percentage change in quantity supplied is:

The demand for markers is _______________________ than is the demand for Sharpies because ____________________.

The demand for novels is _____________ than is the demand for science textbooks because __________________.

Assuming elasticity of demand is reported as an absolute value,a price elasticity of demand of 0.4 indicates an:

The price elasticity of demand for eggs is .27 and the price elasticity of demand for soft drinks is .70.Therefore,the demand for eggs

An automobile manufacturing plant is likely to have a ______________ price elasticity of supply than a bread bakery due to _________________.

Suppose when the price of calculators is $18,the quantity demanded is 90,and when the price is $22,the quantity demanded drops to 70.Using the mid-point method,the price elasticity of demand is:

The concept of price elasticity is applied to changes in:

The demand for classical music is _______________ than is the demand for Beethoven's music because _______________.

A horizontal demand curve indicates:

The price elasticity ofdemand for insulin is:

Suppose price increases from $9.00 to $11.00.Using the mid-point formula,the percentage change in price is:

An increase in price:

A perfectly inelastic demand:

The determinants of price elasticity of demand include:

A rare coin dealer is likely to have a _______________ price elasticity of supply than does a coffee shop due to ____________________.

The demand for Farm fresh brand apple juice is likely to be:

When price was 10,quantity demanded was 50.When price decreased to 8,quantity demanded increased to 60.Therefore,when price decreased,total revenue

If the price of butter increases 5 percent and the amount of margarine purchased increases 25 percent,then the cross-price elasticity of these goods is:

If a good has an elastic demand,then:

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The demand for markers is ___ than is the demand for Sharpies because .

The demand for novels is _ than is the demand for science textbooks because ______.

An automobile manufacturing plant is likely to have a price elasticity of supply than a bread bakery due to ___.

The demand for classical music is _ than is the demand for Beethoven's music because _.

A rare coin dealer is likely to have a _ price elasticity of supply than does a coffee shop due to ______.