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Elasticity

question
Price elasticity demand is
answer
a measure of responsiveness of the change in the quantity demanded of a good to the change in its price.
question
If you know the value for price elasticity of demand, then which of the following can you compete?
answer
The effect of a price change on the quantity demanded.
question
Fill in the blanks. Along a linear demand curve, the slope_____ while the price elasticity of demand _______
answer
is constant: changes from one point to another.
question
Who benefits from the concept of elasticity?
answer
both business managers and policymakers.
question
How is the price elasticity of demand is measured?
answer
by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price.
question
As the price of the good increases, its price elasticity of demand, in absolute value,
answer
Increases
question
How do economists avoid confusion over units in the computation of elasticity?
answer
By using percentage changers rather than simple differences.
question
Which of the following statements about the slope and the price elasticity of demand is correct?
answer
The slope is calculated using changes in quantity and price, whereas elasticity is calculated using percentage changes.
question
Which of the following is true about the value of the price elasticity of demand?
answer
The value is always negative.
question
If we find that the price elasticity of demand for hamburgers is -1.3 while the price elasticity of demand for textbooks is -0.6, which of the following can we say is true?
answer
The demand for hamburgers is more elastic than the demand for textbooks.
question
What happens when the quantity demanded is very responsive to changes in price?
answer
The percentage change in quantity demanded will be greater than than the percentage change in price.
question
If a 10 percent increase in the price of one good leads to a 10 percent reduction in the quantity demanded , then the demand for that good is?
answer
unit elastic
question
Which of the following is true if quantity demanded is not very responsive to price?
answer
a. The percentage change in quantity demanded will be less than than the percentage change in price.
b. the price elasticity of demand will be less than 1 in absolute value.
c. Demand is inelastic
d. ALL OF THE ABOVE
question
If a 20 percent increase in the price of Red Bull energy drink results in a decrease in the quantity demanded of 25 percent, the price elasticity of demand is?
answer
c. -1.25
question
Fill in the blank. If a 20 percent increase in the price of Red Bull energy drink results in a decrease in the quantity demanded of 25 percent, we say the demand for Red Bull is____ in this range
answer
b. elastic
1 of 15
question
Price elasticity demand is
answer
a measure of responsiveness of the change in the quantity demanded of a good to the change in its price.
question
If you know the value for price elasticity of demand, then which of the following can you compete?
answer
The effect of a price change on the quantity demanded.
question
Fill in the blanks. Along a linear demand curve, the slope_____ while the price elasticity of demand _______
answer
is constant: changes from one point to another.
question
Who benefits from the concept of elasticity?
answer
both business managers and policymakers.
question
How is the price elasticity of demand is measured?
answer
by dividing the percentage change in the quantity demanded of a product by the percentage change in the product's price.
question
As the price of the good increases, its price elasticity of demand, in absolute value,
answer
Increases
question
How do economists avoid confusion over units in the computation of elasticity?
answer
By using percentage changers rather than simple differences.
question
Which of the following statements about the slope and the price elasticity of demand is correct?
answer
The slope is calculated using changes in quantity and price, whereas elasticity is calculated using percentage changes.
question
Which of the following is true about the value of the price elasticity of demand?
answer
The value is always negative.
question
If we find that the price elasticity of demand for hamburgers is -1.3 while the price elasticity of demand for textbooks is -0.6, which of the following can we say is true?
answer
The demand for hamburgers is more elastic than the demand for textbooks.
question
What happens when the quantity demanded is very responsive to changes in price?
answer
The percentage change in quantity demanded will be greater than than the percentage change in price.
question
If a 10 percent increase in the price of one good leads to a 10 percent reduction in the quantity demanded , then the demand for that good is?
answer
unit elastic
question
Which of the following is true if quantity demanded is not very responsive to price?
answer
a. The percentage change in quantity demanded will be less than than the percentage change in price.
b. the price elasticity of demand will be less than 1 in absolute value.
c. Demand is inelastic
d. ALL OF THE ABOVE
question
If a 20 percent increase in the price of Red Bull energy drink results in a decrease in the quantity demanded of 25 percent, the price elasticity of demand is?
answer
c. -1.25
question
Fill in the blank. If a 20 percent increase in the price of Red Bull energy drink results in a decrease in the quantity demanded of 25 percent, we say the demand for Red Bull is____ in this range
answer
b. elastic
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