-Refer to the graphs above to answer this question.Suppose that the price of nuts decreases from P1 to P2 and the demand curve for chocolates shifts to the right from D1 to D2.What is the relationship between nuts and chocolates?

A) The demand for nuts and chocolates must be unit elastic. B) Nut and chocolates must be substitutes. C) The cross-elasticity coefficient of demand for both nuts and chocolates must be positive. D) Nuts and chocolates must be complements. E) There is no relationship between nuts and chocolates. A) The demand for nuts and chocolates must be unit elastic. B) Nut and chocolates must be substitutes. C) The cross-elasticity coefficient of demand for both nuts and chocolates must be positive. D) Nuts and chocolates must be complements. E) There is no relationship between nuts and chocolates.

Exam 4: Elasticity

The list below refers to the price elasticity of demand. 1)perfectly inelastic 2)perfectly elastic 3)unitary elasticity 4)elastic 5)inelastic -Refer to the information above to answer this question.What is a demand curve that is parallel to the horizontal axis?

(Multiple Choice)

4.8/5

(28)

Question 41

What is the effect of a rise in income on the quantity demanded of a product?

(Multiple Choice)

4.7/5

(32)

Question 42

Define each of the following: a)elastic demand b)unitary demand c)inelastic demand.

(Essay)

4.8/5

(36)

Question 43

If people spend a large percentage of their income on a particular product,which of the following statements is true?

(Multiple Choice)

4.8/5

(29)

Question 44

The list below refers to the price elasticity of demand. 1)perfectly inelastic 2)perfectly elastic 3)unitary elasticity 4)elastic 5)inelastic -Refer to the information above to answer this question.What is demand when a firm can sell a constant amount at either a higher or a lower price?

(Multiple Choice)

4.9/5

(45)

Question 45

What will happen to the quantity demanded if the price elasticity of demand is 2 and price increases by 10%?

(Multiple Choice)

4.9/5

(33)

Question 46

-Refer to the information above to answer this question.All of the following statements except one are correct.Which is the exception?

(Multiple Choice)

4.9/5

(46)

Question 47

Below are some data on price,income and demand for five different time periods. -Refer to the information above to answer this question.What is the income elasticity for product Y between years 3 and 4?

(Multiple Choice)

5.0/5

(38)

Question 48

What is the formula used to calculate income elasticity?

(Multiple Choice)

4.9/5

(42)

Question 49

The table below gives data for a particular market. a)What is the price elasticity of demand for the product A? b)What is the price elasticity of demand for the product B? c)What is the income elasticity of demand for the product A? d)What is the income elasticity of demand for the product B? e)What is the cross-elasticity of demand of product A for a change in the price of product B?

(Essay)

4.8/5

(34)

Question 50

A local transit authority has just applied to its regulatory board for a fare increase on its rail-transit system,arguing that the increase is needed to cover rising costs.A citizen's committee is opposed to the proposed increase,arguing that the company could increase its revenue by decreasing fares.Which of the statements below is correct?

(Multiple Choice)

4.8/5

(36)

Question 51

-Refer to the graphs above to answer this question.Suppose that the price of nuts decreases from P₁ to P₂ and the demand curve for chocolates shifts to the right from D₁ to D₂.What is the relationship between nuts and chocolates?

(Multiple Choice)

5.0/5

(36)

Question 52

Suppose that the cross elasticity of demand for Product A and Product B is -1.6 and the price of Product A decreased by 20 per cent.What will happen to the quantity demanded of Product B?

(Multiple Choice)

4.9/5

(41)

Question 53

Suppose that average incomes decreased from $38,000 to $36,000,and the quantity demanded of a product increased from 45 to 55.What is the value of the income elasticity of demand?

(Multiple Choice)

4.9/5

(33)

Question 54

Below are some data on price,income and demand for five different time periods. -Refer to the information above to answer this question.What is the income elasticity for product X between years 3 and 4?

(Multiple Choice)

4.8/5

(22)

Question 55

What is the likely effect of the government reducing the supply of illegal drugs?

(Multiple Choice)

4.8/5

(31)

Question 56

-How will the imposition of a sales tax shift the supply curve?

(Multiple Choice)

4.9/5

(28)

Question 57

Define 'elasticity coefficient'

(Essay)

4.9/5

(38)

Question 58

-What is the effect on tax revenue if the government increases the excise tax on a product that has an elastic demand?

(Multiple Choice)

4.9/5

(40)

Question 59

What is income elasticity?

(Multiple Choice)

4.8/5

(41)

Question 60

Showing 41 - 60 of 195

The list below refers to the price elasticity of demand. 1)perfectly inelastic 2)perfectly elastic 3)unitary elasticity 4)elastic 5)inelastic -Refer to the information above to answer this question.What is a demand curve that is parallel to the horizontal axis?

What is the effect of a rise in income on the quantity demanded of a product?

Define each of the following: a)elastic demand b)unitary demand c)inelastic demand.

If people spend a large percentage of their income on a particular product,which of the following statements is true?

The list below refers to the price elasticity of demand. 1)perfectly inelastic 2)perfectly elastic 3)unitary elasticity 4)elastic 5)inelastic -Refer to the information above to answer this question.What is demand when a firm can sell a constant amount at either a higher or a lower price?

What will happen to the quantity demanded if the price elasticity of demand is 2 and price increases by 10%?

-Refer to the information above to answer this question.All of the following statements except one are correct.Which is the exception?

Below are some data on price,income and demand for five different time periods. -Refer to the information above to answer this question.What is the income elasticity for product Y between years 3 and 4?

What is the formula used to calculate income elasticity?

-Refer to the graphs above to answer this question.Suppose that the price of nuts decreases from P₁ to P₂ and the demand curve for chocolates shifts to the right from D₁ to D₂.What is the relationship between nuts and chocolates?

Suppose that the cross elasticity of demand for Product A and Product B is -1.6 and the price of Product A decreased by 20 per cent.What will happen to the quantity demanded of Product B?

Suppose that average incomes decreased from $38,000 to $36,000,and the quantity demanded of a product increased from 45 to 55.What is the value of the income elasticity of demand?

Below are some data on price,income and demand for five different time periods. -Refer to the information above to answer this question.What is the income elasticity for product X between years 3 and 4?

What is the likely effect of the government reducing the supply of illegal drugs?

-How will the imposition of a sales tax shift the supply curve?

Define 'elasticity coefficient'

-What is the effect on tax revenue if the government increases the excise tax on a product that has an elastic demand?

What is income elasticity?

The Economic Problem

Demand and Supply: An Introduction

Demand and Supply: An Elaboration

Consumer Choice

A Firms Production Decisions and Costs in the Short Run

Costs in the Long Run

Perfect Competition

An Evaluation of Competitive Markets

Monopoly

Imperfect Competition

The Factors of Production

International Trade

Filters