\[\begin{array} { l r r r r r r } \text { Month } & \mathbf { P X } _ { \mathbf { X } } & \mathbf { Q X } & \mathbf { P } _ { \mathbf { Y } } & \mathbf { Q } & \mathbf { P } _ { \mathbf { Z } } & \mathbf { \text { QZ } } \\ \hline \text { Jan } & \$ 10 & 100 & \$ 20 & 50 & \$ 25 & 200 \\ \text { Feb } & 10 & 90 & 18 & 60 & 25 & 225 \\ \text { Mar } & 10 & 70 & 15 & 90 & 25 & 275 \\ \text { Apr } & 12 & 50 & 15 & 100 & 25 & 290 \\ \text { May } & 15 & 25 & 15 & 120 & 25 & 320\\\hline \end{array}\] -In the above table,the cross price elasticity of demand for good Z with good Y when PY rises from $15 to $18 is

A) -2.20. B) +2.20. C) +1.10. D) -1.10. A) -2.20. B) +2.20. C) +1.10. D) -1.10.

\[\begin{array} { c c c c } \text { Period } & \text { Income/Week } & \begin{array} { c } \text { Pounds of Artisan } \\ \text { Bread Sold } \end{array} & \begin{array} { l } \text { Jars of } \\ \text { Jam Sold } \end{array} \\ \hline 1 & \$ 250 & 2 & 10 \\ 2 & \$ 500 & 5 & 8 \\ \hline \end{array}\] -Use the above table.The income elasticity of jam is

A) -0.33. B) 0.33. C) 3.00. D) -3.00. A) -0.33. B) 0.33. C) 3.00. D) -3.00.

Exam 6: Demand and Supply Elasticity

Month Jan \ 10 100 \ 20 50 \ 25 200 Feb 10 90 18 60 25 225 Mar 10 70 15 90 25 275 Apr 12 50 15 100 25 290 May 15 25 15 120 25 320 -In the above table,the cross price elasticity of demand for good Z with good Y when PY rises from $15 to $18 is

(Multiple Choice)

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Question 281

-Refer to the above figure.Demand will be elastic when quantity is between

(Multiple Choice)

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Question 282

-In the above figure,along which range would total revenue rise by raising prices?

(Multiple Choice)

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Question 283

Period Income/Week Pounds of Artisan Bread Sold Jars of Jam Sold 1 \ 250 2 10 2 \ 500 5 8 -Use the above table.The income elasticity of jam is

(Multiple Choice)

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Question 284

If the demand curve for a product is vertical,then

(Multiple Choice)

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Question 285

When discussing the price elasticity of demand we generally refer to the absolute price elasticity of demand by consumers.This means that we will

(Multiple Choice)

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Question 286

What is the price elasticity of demand? How is the price elasticity of demand calculated?

(Essay)

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Question 287

If the price of corn chips increases from $2.00 per bag to $3.00 per bag and the quantity demanded goes down from 100 million bags per week to 50 million bags per week,the absolute value of price elasticity of demand in that price range is

(Multiple Choice)

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Question 288

If the value of the cross elasticity of demand is negative,the two goods are

(Multiple Choice)

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Question 289

The longer any price change persists,the

(Multiple Choice)

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Question 290

Which of the following is NOT a determinant of the price elasticity of demand?

(Multiple Choice)

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Question 291

A value of the absolute price elasticity of demand equal to 0.5 indicates that

(Multiple Choice)

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Question 292

The price elasticity of supply is 0.6.This means that

(Multiple Choice)

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Question 293

For which of the following purchases would the absolute price elasticity of demand be greatest?

(Multiple Choice)

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Question 294

Julie always purchases the soda with the lowest price.For Julie,the cross price elasticity of demand for brand X and brand Y will be

(Multiple Choice)

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Question 295

Price Per Unit Quantity Demanded Per Week \ 10.00 25 9.50 30 9.00 35 8.50 40 8.00 45 7.50 50 7.00 55 6.50 60 6.00 65 5.50 70 5.00 75 -Refer to the above table.What is the absolute price elasticity of demand when price changes from $6.00 to $6.50?

(Multiple Choice)

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Question 296

Suppose that the demand for men's ties is price inelastic for the range of prices between $10 and $12.If Joe raises the price of the ties in his shop from $10 to $12,what will happen to Joe's total revenues?

(Multiple Choice)

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Question 297

When demand is unit elastic,a 10 percent change in the price of the good

(Multiple Choice)

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Question 298

A demand relationship in which a given percentage change in price will result in a less than proportionate percentage change in quantity demanded is

(Multiple Choice)

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Question 299

If the absolute price elasticity of demand is 0.2,a 10 percent increase in the price will cause

(Multiple Choice)

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Question 300

Exam 6: Demand and Supply Elasticity

Month Jan \ 10 100 \ 20 50 \ 25 200 Feb 10 90 18 60 25 225 Mar 10 70 15 90 25 275 Apr 12 50 15 100 25 290 May 15 25 15 120 25 320 -In the above table,the cross price elasticity of demand for good Z with good Y when PY rises from $15 to $18 is

-Refer to the above figure.Demand will be elastic when quantity is between

-In the above figure,along which range would total revenue rise by raising prices?

Period Income/Week Pounds of Artisan Bread Sold Jars of Jam Sold 1 \ 250 2 10 2 \ 500 5 8 -Use the above table.The income elasticity of jam is

If the demand curve for a product is vertical,then

When discussing the price elasticity of demand we generally refer to the absolute price elasticity of demand by consumers.This means that we will

What is the price elasticity of demand? How is the price elasticity of demand calculated?

If the price of corn chips increases from $2.00 per bag to $3.00 per bag and the quantity demanded goes down from 100 million bags per week to 50 million bags per week,the absolute value of price elasticity of demand in that price range is

If the value of the cross elasticity of demand is negative,the two goods are

The longer any price change persists,the

Which of the following is NOT a determinant of the price elasticity of demand?

A value of the absolute price elasticity of demand equal to 0.5 indicates that

The price elasticity of supply is 0.6.This means that

For which of the following purchases would the absolute price elasticity of demand be greatest?

Julie always purchases the soda with the lowest price.For Julie,the cross price elasticity of demand for brand X and brand Y will be

Price Per Unit Quantity Demanded Per Week \ 10.00 25 9.50 30 9.00 35 8.50 40 8.00 45 7.50 50 7.00 55 6.50 60 6.00 65 5.50 70 5.00 75 -Refer to the above table.What is the absolute price elasticity of demand when price changes from $6.00 to $6.50?

Suppose that the demand for men's ties is price inelastic for the range of prices between $10 and $12.If Joe raises the price of the ties in his shop from $10 to $12,what will happen to Joe's total revenues?

When demand is unit elastic,a 10 percent change in the price of the good

A demand relationship in which a given percentage change in price will result in a less than proportionate percentage change in quantity demanded is

If the absolute price elasticity of demand is 0.2,a 10 percent increase in the price will cause

The Nature of Economics

Scarcity and the World of Trade-Offs

Demand and Supply

Extensions of Demand and Supply Analysis

Public Spending and Public Choice

Funding the Public Sector

Consumer Choice

Rents, profits, and the Financial Environment of Business

The Firm: Cost and Output Determination

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Regulation and Antitrust Policy in a Globalized Economy

The Labor Market: Demand, supply and Outsourcing

Unions and Labor Market Monopoly Power

Income, poverty, and Health Care

Environmental Economics

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

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