Econ 3060 Chapter 3 Quiz - Custom Scholars
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Econ 3060 Chapter 3 Quiz

question
An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____.
answer
one percent; quantity demanded; two percent
question
A price elasticity (ED) of −1.50 indicates that for a ____ increase in price, quantity demanded will ____ by ____.
answer
one percent; decrease; 1.50 percent
question
When demand elasticity is ____ in absolute value (or ____), an increase in price will result in a(n) ____ in total revenues.
answer
less than 1; inelastic; increase
question
Identify the reasons why the quantity demanded of a product increases as the price of that product decreases.
answer
a and b

as the price declines, the real income of the consumer increases

as the price of product A declines, it makes it more attractive than product B
question
Demand is given by QD = 620 - 10·P and supply is given by QS = 100 + 3·P. What is the price and quantity when the market is in equilibrium?
answer
The price will be $40 and the quantity will be 220 units.
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question
An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____.
answer
one percent; quantity demanded; two percent
question
A price elasticity (ED) of −1.50 indicates that for a ____ increase in price, quantity demanded will ____ by ____.
answer
one percent; decrease; 1.50 percent
question
When demand elasticity is ____ in absolute value (or ____), an increase in price will result in a(n) ____ in total revenues.
answer
less than 1; inelastic; increase
question
Identify the reasons why the quantity demanded of a product increases as the price of that product decreases.
answer
a and b

as the price declines, the real income of the consumer increases

as the price of product A declines, it makes it more attractive than product B
question
Demand is given by QD = 620 - 10·P and supply is given by QS = 100 + 3·P. What is the price and quantity when the market is in equilibrium?
answer
The price will be $40 and the quantity will be 220 units.
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