Multiple Choice
The elasticity of supply for a given commodity is calculated as
A) percentage change in quantity supplied percentage change in average household income
B) percent change in product price percentage change in quantity supplied
C) percentage change in quantity supplied of one good percentage change in average price of a different good
D) percentage change in quantity supplied percentage change in product price
E) percentage change in quantity supplied percentage change in input prices
Correct Answer:
Verified
Correct Answer:
Verified
Q21: If Vicky's income increases by 8% and
Q22: Suppose an analysis of the possible effects
Q23: If the income elasticity of demand for
Q24: Consider an excise tax imposed on daily
Q25: Normal goods<br>A)have negative elasticity of supply.<br>B)are sometimes
Q27: If the total expenditure on clothing decreases
Q28: If the total expenditure on cars increases
Q29: The formula for the price elasticity of
Q30: If per capita income increases by 10%
Q31: Suppose a market is in equilibrium at