Exam 6: Elasticity and Demand

Consider the statement: "When the British government tripled university fees for foreign students in Great Britain,about one-half of them left to study in other countries." This move will ___________ university revenues from foreign students in Great Britain.

Which of the following would tend to DECREASE the elasticity of demand for good X?

To answer the question,refer to the following table showing a demand schedule: If price rises from $100 to $150,

The demand for heart surgery is price inelastic.So it follows that

Refer to the following figure.At what prices are demand curves D₁,D₂,and D₃ unitary elastic?

In the figure above,if price INCREASES from $60 to $80,an arrow representing the PRICE effect

According to the following figure,the equation for demand is

the figure below,which shows a linear demand curve and the associated total revenue curve,to answer the question. The marginal revenue of the 700th unit is $_____ and demand is __________ at this point.

If the price elasticity of demand for Harley-Davidson motorcycles is -1.2 and quantity demanded increases by 24%,price must have

The demand for good X will be more elastic than the demand for good Y when

Refer to the following figure.When quantity demanded is 2,000,what is marginal revenue?

Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:

Suppose the demand for good X is .This demand curve has a ________ constant,variable)elasticity of demand equal to ________.

Refer to the following figure.When quantity demanded is 1,000,what is marginal revenue?

the figure below,which shows a linear demand curve and the associated total revenue curve,to answer the question. The price at which total revenue is maximized is $_____.

the figure below,which shows a linear demand curve and the associated total revenue curve,to answer the question. The marginal revenue of the 100^th unit is $_____.

According to the following figure,marginal revenue is zero at Q = ________.

Refer to the following graph to answer the question: Suppose price rises from $90 to $110.Using representative arrows,the quantity effect is a relatively ________ short,long)arrow pointing _______ upward,downward).

To answer the question,refer to the following table showing a demand schedule: If price falls from $200 to $150,

Refer to the following graph to answer the question: Over the price range $90 to $110,marginal revenue is ________ and demand is ________.