Exam 4: Elasticity

Bob got laid off six months ago. He used to go to the movies once a month, but he's only been twice because he lost his job. This type of behavior can be measured using:

The price elasticity ofdemand for insulin is:

The mid-point method of calculating elasticity is typically used because:

When price was 6, quantity demanded was 10. When price decreased to 5, quantity demanded increased to 13. Therefore, when price decreased, total revenue

A corn farmer is likely to have a _____________ price elasticity of supply than does a tree farmer due to ________________.

A good with an income elasticity of 0.4 is:

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

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

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

An increase in price causes:

Demand for a good is inelastic if:

Suppose when the price of shoe laces goes from $1 to $2 per pair, production increases from 95 million pairs to 105 million pairs per year. Using the mid-point method, the price elasticity of supply is:

A good with an income elasticity of 2.3 is:

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

A linear demand curve has a:

Suppose when the price of a can of tuna is $1.30, the quantity demanded is 9, and when the price is $1.50, the quantity demanded is 7. Using the mid-point method, the price elasticity of demand is:

The demand for a specific brand of corn flakes cereal is likely to be:

The price elasticity of demand for leisure air travel is 1.60. Therefore, a

Determinants of the price elasticity of supply are:

A tavern is likely to have a ______________________ price elasticity of supply than does an antiques dealer due to ______________________.