Question

**Q16 -** If the price elasticity of demand is 1,
demand is

1. Upward sloping.

2. Inelastic

3. Unitary elastic.

**Q17 -** When wages increase the income effect of
labor supply ________ the quantity of labor supplied because
________.

1. Reduces; the price of leisure has increased.

2. Reduces; workers acquire more of all normal goods when income increases.

3. Increases; the value of working has increased.

4. Increases; the price of leisure has increased.

4. Elastic.

Answer #1

A
straight-line downward-sloping demand curve has a price elasticity
of demand that
decreases as price decreases
increases as price decreases
is zero at all prices
is unitary at all prices

(60)A perfectly inelastic demand curve has an elasticity
coefficient of:
(a)1
(b)0.25
(c)∞
(d)None of the above
Akal mn wahed
Extra Credit Questions-Optional
(61)If the percentage change in the quantity supplied of
a good is less than the percentage change in price, price
elasticity of supply is:
(a)Inelastic
(b)Perfectly inelastic
(c)Elastic
(d)Unitary elastic
(62)If the percentage change in the quantity demanded of
a good is equal to the percentage change in price, price elasticity
of demand is:
(a)Inelastic
(b)Perfectly inelastic...

1) Using the midpoint method, the price elasticity of demand is
determined to be about 0.85. If there is a 10% decrease in the
quantity demanded of the product then what effect would this have
on the price of the product?
A decrease in the price of the product from $8.50 to $10
A 11.8% increase in the price of the product
An increase in the price of the product from $8.50 to $10
2)The ________ is negative for complementary...

1)The price elasticity of demand for candles is __________
because as the price of candles rises by 21%, the quantity demanded
of candles falls by 14%.
Group of answer choices
a)inelastic
b)none of the other three answers
c)unitary elastic
d)elastic
2) If the % change in the quantity demanded of bicycles is
greater than the % change in the price of bicycles, then bicycles
are __________ .
Group of answer choices
a)Inelastic
b)Unitary elastic
c)Elastic
d)Infinitely elastic
4)All of the...

A life-saving medicine without any close substitutes will tend
to have a small elasticity of demand. a large elasticity of demand.
a small elasticity of supply. a large elasticity of supply. The
price of a good rises from $8 to $12, and the quantity demanded
falls from 110 to 90 units. Calculated with the midpoint method,
the price elasticity of demand is 1/5. 1/2. 2. 5. A linear,
downward-sloping demand curve is inelastic unit elastic. elastic.
inelastic at some points,...

What is price elasticity of demand?
What determines whether a product’s demand is elastic, inelastic,
unitary elastic, perfectly elastic and perfectly inelastic? What is
mid-point formula to determine the elasticity of demand and why is
it important to use it instead of the general formula for
elasticity? Carefully explain.

3.
At the price of $20, the quantity demand of lawn hoses was 100.
The price increased to $25, and the quantity demanded dropped to
95.
[ The two points on the demand curve are Point A: (100, $20) and
Point B (95, $25).]
a) Calculate the price elasticity of
demand for the hoses. ____________
b) Is it elastic, inelastic or unitary
elastic? _____________
What happens to the total revenue in this
case?_______________
What would happen to the total revenue...

1. The following data is from the demand for chocolate cookies:
Producer reduces the price of some cookies from 12 to 10 cents. Find out that the quantities sold increased from 210 to 250 units:
a) Calculate the price elasticity of cookies.
b) Present the graph; Indicate if it is Price Elasticity of Demand or Supply.
c) if it is elastic, inelastic or unitary.
d) If the price elasticity coefficient in varieties is (- 3.0). What happens if I lower...

1. The following data is from the demand for chocolate cookies:
Producer reduces the price of some cookies from 12 to 10 cents. Find out that the quantities sold increased from 210 to 250 units:
a) Calculate the price elasticity of cookies.
b) Present the graph; Indicate if it is Price Elasticity of Demand or Supply.
c) if it is elastic, inelastic or unitary.
d) If the price elasticity coefficient in varieties is (- 3.0). What happens if I lower...

For a unitary elastic demand curve, the price elasticity of demand
is everywhere ___________ and total expenditures on the good
________________ as price increases.
Select one:
a. - 1, decreases
b. - 1, remain constant
c. - 1, increases
d. undefined, increases

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