Econ Chapter 20b set 1 - Custom Scholars
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Econ Chapter 20b set 1

question
The basic formula for price elasticity is
answer
The percentage change in quantity demanded divided by the percentage change in price
question
To find the average percentage change in quantity demanded
answer
The change in quantity demanded is divided by the average quality
question
If the price increases by 10% and the quantity demanded falls by 5% the absolute value of the price elasticity will be
answer
0.5
question
If the elasticity of demand is 3 and the price rises by 15% then
answer
The quantity demand will fall by 45%
question
If the price of a cell phone increases by 5% and the quantity demanded falls by 2% the absolute value of the price elasticity of demand is
answer
0.4
question
If the price elasticity of demand is 0.6 then a temper cent increase in the price of the good will lead to a _______ in the quantity demanded
answer
6 percent decrease
question
Suppose the quantity demanded of ski boats falls from 4 million to 3 million as a result of an average price increase from 20,000 to 25,000 per boat. The absolute value of the price elasticity of demand is closest to
answer
1.29
question
When demand is elastic the absolute number for price elasticity will be
answer
Greater than 1
question
A demand curve that is perfectly elastic is
answer
Vertical
question
If demand is perfectly inelastic,
answer
The demand curve is horizontal
question
If the price elasticity of demand for cigarettes is 0.4
answer
The demand is very inelastic
question
Which of the following products will have elastic demand?
answer
European travel
question
Which of the following is not a determinant of the price elasticity of demand?
answer
The amount of income the consumer has
question
Which of the following would most likely have a price elasticity coefficient less than 1?
answer
Coffee
question
Ceteris paribus as the number of substitutes for a good increases the
answer
Price elasticity of demand should become larger
question
Assume a good has a power of sloping linear demand curve starting at a price of zero as the price of the good increases total revenue
answer
Increases, then decreases
question
If carmen's coffee company wants to increase total revenue and the price elasticity of demand is 0.43 the company should
answer
Increase the price of its coffee
question
When demand is price- inelastic, ceteris paribus, an increase in
answer
Price leads to greater total revenue
question
If the price of good X falls in total revenue rises then
answer
Demand for good x is elastic
question
On a demand curve, demand is more elastic
answer
At higher prices
question
In the 160 to 180 price range in figure 20.1 the absolute value of the price elasticity of demand is closest to you
answer
5.7
question
Refer to figure 20.2 if the area
answer
Elastic
question
Cross price elasticity refers to
answer
How responsive consumers of one good are to a change in the price of another good
question
Supposed computer prices at an supply store fall from 1000 to 900 and a result the quality demanded of typewriters decrease from 40 to 20 per month. The cross price elasticity of demand is closest to
answer
6.3
question
MP3 players in MP3 files are complementary goods. The cross price elasticity of demand between MP3 players in MP3 files is expected to be
answer
Negative
question
If DVD players in DVD or complementary goods, an increase in the price of dvds will, ceteris paribus
answer
Reduce the demand for DVD players
question
If the price of a cook rices by 5% and the sales of the Pepsi goes up by 10% we can conclude that
answer
Both goods are substitute goods because the cross price electricity is +2
question
If income falls 4% for a year and as a result the quantity of new homes a man it falls from 23,000,000 to 20,000,000 units for the year the value of the income elasticity of demand for new homes is closest to
answer
3.5
question
Ceteris paribus if income increases and as a result, The demand for a good X increases and the demand for good y falls,
answer
1.8
question
If incomes fall by 5% and the quantity demand for new cars Falls by 10%
answer
New cars or a normal good in the income elasticity is +2.0
question
Which of the following is most likely an inferior good?
answer
Generic canned food
question
Elasticity of supply looks at
answer
How responsive sellers are to a change in price
question
Supply is very inelastic when
answer
The quantity supplied changes only when demand changes
1 of 33
question
The basic formula for price elasticity is
answer
The percentage change in quantity demanded divided by the percentage change in price
question
To find the average percentage change in quantity demanded
answer
The change in quantity demanded is divided by the average quality
question
If the price increases by 10% and the quantity demanded falls by 5% the absolute value of the price elasticity will be
answer
0.5
question
If the elasticity of demand is 3 and the price rises by 15% then
answer
The quantity demand will fall by 45%
question
If the price of a cell phone increases by 5% and the quantity demanded falls by 2% the absolute value of the price elasticity of demand is
answer
0.4
question
If the price elasticity of demand is 0.6 then a temper cent increase in the price of the good will lead to a _______ in the quantity demanded
answer
6 percent decrease
question
Suppose the quantity demanded of ski boats falls from 4 million to 3 million as a result of an average price increase from 20,000 to 25,000 per boat. The absolute value of the price elasticity of demand is closest to
answer
1.29
question
When demand is elastic the absolute number for price elasticity will be
answer
Greater than 1
question
A demand curve that is perfectly elastic is
answer
Vertical
question
If demand is perfectly inelastic,
answer
The demand curve is horizontal
question
If the price elasticity of demand for cigarettes is 0.4
answer
The demand is very inelastic
question
Which of the following products will have elastic demand?
answer
European travel
question
Which of the following is not a determinant of the price elasticity of demand?
answer
The amount of income the consumer has
question
Which of the following would most likely have a price elasticity coefficient less than 1?
answer
Coffee
question
Ceteris paribus as the number of substitutes for a good increases the
answer
Price elasticity of demand should become larger
question
Assume a good has a power of sloping linear demand curve starting at a price of zero as the price of the good increases total revenue
answer
Increases, then decreases
question
If carmen's coffee company wants to increase total revenue and the price elasticity of demand is 0.43 the company should
answer
Increase the price of its coffee
question
When demand is price- inelastic, ceteris paribus, an increase in
answer
Price leads to greater total revenue
question
If the price of good X falls in total revenue rises then
answer
Demand for good x is elastic
question
On a demand curve, demand is more elastic
answer
At higher prices
question
In the 160 to 180 price range in figure 20.1 the absolute value of the price elasticity of demand is closest to you
answer
5.7
question
Refer to figure 20.2 if the area
answer
Elastic
question
Cross price elasticity refers to
answer
How responsive consumers of one good are to a change in the price of another good
question
Supposed computer prices at an supply store fall from 1000 to 900 and a result the quality demanded of typewriters decrease from 40 to 20 per month. The cross price elasticity of demand is closest to
answer
6.3
question
MP3 players in MP3 files are complementary goods. The cross price elasticity of demand between MP3 players in MP3 files is expected to be
answer
Negative
question
If DVD players in DVD or complementary goods, an increase in the price of dvds will, ceteris paribus
answer
Reduce the demand for DVD players
question
If the price of a cook rices by 5% and the sales of the Pepsi goes up by 10% we can conclude that
answer
Both goods are substitute goods because the cross price electricity is +2
question
If income falls 4% for a year and as a result the quantity of new homes a man it falls from 23,000,000 to 20,000,000 units for the year the value of the income elasticity of demand for new homes is closest to
answer
3.5
question
Ceteris paribus if income increases and as a result, The demand for a good X increases and the demand for good y falls,
answer
1.8
question
If incomes fall by 5% and the quantity demand for new cars Falls by 10%
answer
New cars or a normal good in the income elasticity is +2.0
question
Which of the following is most likely an inferior good?
answer
Generic canned food
question
Elasticity of supply looks at
answer
How responsive sellers are to a change in price
question
Supply is very inelastic when
answer
The quantity supplied changes only when demand changes
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