Exam 5: Elasticities of Demand and Supply

In a study session,your friend says,"Demand is elastic if the percentage change in the price exceeds the percentage change in quantity demanded." Is your friend correct?

(Essay)

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Question 121

When the price of going to a movie rises 5 percent,the quantity of DVDs demanded increases 10 percent.The cross elasticity of demand equals

(Multiple Choice)

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Question 122

When the price of tacos rise 4 percent,the quantity demanded decreases 10 percent.What is the price elasticity of demand for tacos?

(Multiple Choice)

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Question 123

-The table above gives Sharon's demand for ground beef at two different income levels.Use the midpoint method in this problem. a.What is the percentage change in Sharon's income? b.What is the percentage change in the quantity demanded? c.What is Sharon's income elasticity of demand for ground beef? d.Is ground beef a normal or an inferior good for Sharon?

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Question 124

If you know the cross elasticity between two goods is negative,then you know the goods are

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Question 125

If a good has only a few,poor substitutes,is its demand elastic or inelastic?

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Question 126

The price elasticity of demand is a measure of the extent to which the quantity demanded of a good changes when ________ and all other influences on buyers' plans remain the same.

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Question 127

When the price of bananas rises 2 percent,the quantity demanded of peanut butter falls 4 percent. a.What is the cross elasticity of demand between these two goods? b.How are these goods related? c.If the price of bananas rises,how will that affect the demand curve for peanut butter?

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Question 128

Suppose a 20 percent increase in the price of gasoline results in a 25 percent increase in the quantity supplied.This response means that gasoline has

(Multiple Choice)

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Question 129

Which of the following statements is correct?

(Multiple Choice)

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Question 130

-The data in the table above give two points on the demand curve for pizza.Using the midpoint method,when the price of a pizza falls from $10 to $9,what is the price elasticity of demand?

(Multiple Choice)

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Question 131

-The demand curve shown in the figure above is ________ over the price range from $95 to $105 per unit.

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Question 132

-The table above gives the demand schedule for a good.What is the total revenue at point A? At point B? At point C? At point D? At point E?

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Question 133

If a lower price for a Pepsi decreases the demand for a Coke,the cross elasticity value for Pepsi and Coke is

(Multiple Choice)

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Question 134

If the demand for a good is elastic,then

(Multiple Choice)

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Question 135

Suppose the Chicago Bears football team raises ticket prices by 13 percent and as a result the quantity of tickets demanded decreases by 21 percent.This response means that the demand for Bears tickets is

(Multiple Choice)

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Question 136

If the cross elasticity of demand between car insurance and new cars is -0.41,then car insurance and new cars are

(Multiple Choice)

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Question 137

If two goods are ,then an increase in the price of one leads to in the quantity demanded of the other.

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Question 138

What is the price elasticity of supply? List and briefly define three cases of the price elasticity of supply.

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Question 139

-If a small percentage change in the price brings a very large percentage change in the quantity supplied,then the supply is almost perfectly and the supply curve is almost .

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Question 140

Showing 121 - 140 of 342

In a study session,your friend says,"Demand is elastic if the percentage change in the price exceeds the percentage change in quantity demanded." Is your friend correct?

When the price of going to a movie rises 5 percent,the quantity of DVDs demanded increases 10 percent.The cross elasticity of demand equals

When the price of tacos rise 4 percent,the quantity demanded decreases 10 percent.What is the price elasticity of demand for tacos?

If you know the cross elasticity between two goods is negative,then you know the goods are

If a good has only a few,poor substitutes,is its demand elastic or inelastic?

The price elasticity of demand is a measure of the extent to which the quantity demanded of a good changes when ________ and all other influences on buyers' plans remain the same.

When the price of bananas rises 2 percent,the quantity demanded of peanut butter falls 4 percent. a.What is the cross elasticity of demand between these two goods? b.How are these goods related? c.If the price of bananas rises,how will that affect the demand curve for peanut butter?

Suppose a 20 percent increase in the price of gasoline results in a 25 percent increase in the quantity supplied.This response means that gasoline has

Which of the following statements is correct?

-The data in the table above give two points on the demand curve for pizza.Using the midpoint method,when the price of a pizza falls from $10 to $9,what is the price elasticity of demand?

-The demand curve shown in the figure above is ________ over the price range from $95 to $105 per unit.

-The table above gives the demand schedule for a good.What is the total revenue at point A? At point B? At point C? At point D? At point E?

If a lower price for a Pepsi decreases the demand for a Coke,the cross elasticity value for Pepsi and Coke is

If the demand for a good is elastic,then

Suppose the Chicago Bears football team raises ticket prices by 13 percent and as a result the quantity of tickets demanded decreases by 21 percent.This response means that the demand for Bears tickets is

If the cross elasticity of demand between car insurance and new cars is -0.41,then car insurance and new cars are

If two goods are ,then an increase in the price of one leads to in the quantity demanded of the other.

What is the price elasticity of supply? List and briefly define three cases of the price elasticity of supply.

-If a small percentage change in the price brings a very large percentage change in the quantity supplied,then the supply is almost perfectly and the supply curve is almost .

Getting Started

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters

Exam 5: Elasticities of Demand and Supply

In a study session,your friend says,"Demand is elastic if the percentage change in the price exceeds the percentage change in quantity demanded." Is your friend correct?

When the price of going to a movie rises 5 percent,the quantity of DVDs demanded increases 10 percent.The cross elasticity of demand equals

When the price of tacos rise 4 percent,the quantity demanded decreases 10 percent.What is the price elasticity of demand for tacos?

If you know the cross elasticity between two goods is negative,then you know the goods are

If a good has only a few,poor substitutes,is its demand elastic or inelastic?

The price elasticity of demand is a measure of the extent to which the quantity demanded of a good changes when ________ and all other influences on buyers' plans remain the same.

When the price of bananas rises 2 percent,the quantity demanded of peanut butter falls 4 percent. a.What is the cross elasticity of demand between these two goods? b.How are these goods related? c.If the price of bananas rises,how will that affect the demand curve for peanut butter?

Suppose a 20 percent increase in the price of gasoline results in a 25 percent increase in the quantity supplied.This response means that gasoline has

Which of the following statements is correct?

-The data in the table above give two points on the demand curve for pizza.Using the midpoint method,when the price of a pizza falls from $10 to $9,what is the price elasticity of demand?

-The demand curve shown in the figure above is ________ over the price range from $95 to $105 per unit.

-The table above gives the demand schedule for a good.What is the total revenue at point A? At point B? At point C? At point D? At point E?

If a lower price for a Pepsi decreases the demand for a Coke,the cross elasticity value for Pepsi and Coke is

If the demand for a good is elastic,then

Suppose the Chicago Bears football team raises ticket prices by 13 percent and as a result the quantity of tickets demanded decreases by 21 percent.This response means that the demand for Bears tickets is

If the cross elasticity of demand between car insurance and new cars is -0.41,then car insurance and new cars are

If two goods are ________,then an increase in the price of one leads to ________ in the quantity demanded of the other.

What is the price elasticity of supply? List and briefly define three cases of the price elasticity of supply.

-If a small percentage change in the price brings a very large percentage change in the quantity supplied,then the supply is almost perfectly ________ and the supply curve is almost ________.

Getting Started

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters

If two goods are ,then an increase in the price of one leads to in the quantity demanded of the other.

-If a small percentage change in the price brings a very large percentage change in the quantity supplied,then the supply is almost perfectly and the supply curve is almost .