Exam 4: Elasticity

If the price of cereal increases by 10 percent and the amount of milk demanded decreases by 2 percent,then the cross-price elasticity of these goods is:

A price increase will cause an increase in total revenue when:

It is likely that ______________ has an income elasticity less than 1,and _____________ have an income elasticity more than 1.

Income elasticity of demand describes:

If the price of a good increases by 10 percent,its quantity demanded drops by 50 percent.The price elasticity of demand is:

Which elasticity measures producers' responsiveness to a change in price?

Elasticity along a demand curve:

Income elasticity will be positive for:

Suppose when the price of movie tickets is $7.50,the quantity demanded is 550,and when the price is $8.50,the quantity demanded is 450.Using the mid-point method,the price elasticity of demand is:

If increasing the admission charge for National Parks increases the National Park Service's total revenue,then the demand for National Park visits is:

The most commonly used measures of elasticity are:

Suppose price decreases from $27.00 to $13.00.Using the mid-point formula,the percentage change in price is:

Whether a cross-price elasticity of demand is positive or negative indicates whether the:

Considering the concept of cross-price elasticity,if two goods are substitutes:

The demand for a movie ticket is probably _________________ than is the demand for a Broadway show ticket because ______________.

Mathematically,price elasticity of demand is the percentage change in the:

If supply and demand analysis is a measure of how,then elasticity is a measure of:

The calculated price elasticity of demand:

Suppose when the price of novels goes from $15 to $20 per book,production increases from 760 million books to 840 million books per year.Using the mid-point method,the price elasticity of supply is:

The percentage change in the quantity supplied of a good or service when its price changes by one percent is: