Question

When the price is

$66

a unit, demand is perfectly elastic. Draw the demand curve for this good. Label it

D1.

When the quantity demanded is

99

million units a year, demand is perfectly inelastic.

Draw the demand curve for this good. Label it

D2.

When the price is

$1212

a unit, the quantity demanded is

33

million units a year, and demand is unit elastic.

Draw the demand curve for this good. Label it

D3.

Answer #1

When P=$66 , demand is perfectly elastic , which means demand curve is represented by a horizontal line.

When Qd= 99 million units , demand is perfectly inelastic , which means demand curve is represented by a vertical line at 99 million units.

When P=$1212 , Qd=33 million units , demand is unit elastic , it is represented by the downward sloping line and the price -quantity combination is at the mid-point of the line.

What is perfectly elastic demand/supply? Draw a graph to
represent perfectly elastic demand/supply.
What is perfectly inelastic demand/supply? Draw a graph to
represent perfectly elastic demand/supply.
When the price of t-shirts increases by 12 percent, the quantity
of t-shirts demanded falls by 20 percent. Calculate the price
elasticity of demand. Is the demand for t-shirts elastic,
inelastic, or unit elastic?
When the price of t-shirts falls by 30 percent, the quantity of
t-shirts supplied decreases by 20 percent. Calculate the...

Given a demand curve of Q=100−2P.
1.Calculate the price at which demand is unit elastic. This
price is___ (Round your answer to two decimal places.)
2. Find the quantity where demand is unit elastic. This quantity
is___ (Round your answer to two decimal places.)
3.At quantities lower than the value found in Part 2, the demand
curve is
Choose one:
A. perfectly elastic.
B. relatively elastic.
C. relatively inelastic.
D. perfectly inelastic.
4.At quantities higher than the value found in...

a. relatively elastic.
b. relatively inelastic.
c. unit elasticity.
d. perfectly elastic.
e. perfectly inelastic.
15. Quantity demanded is completely unresponsive to price
changes.
16. Price and total revenue vary in opposite directions.
17. The demand for a luxury good whose purchase would exhaust
a significant portion of one's income.
18. Total revenue is unaffected as price changes.
19. A firm can sell more or less output at a constant
price.

What is perfectly elastic demand/supply? Draw a graph to
represent perfectly elastic demand/supply. What is perfectly
inelastic demand/supply? Draw a graph to represent perfectly
elastic demand/supply.

A perfectly inelastic demand curve indicates that
a.
price has no effect on the quantity demanded.
b.
for a given percent change in price, the quantity demanded rises
by the same percentage.
c.
the percent change in price is less than the percent change in
quantity demanded.
d.
a producer can sell as many units as desired at the market price
but no units above the market price.

If the supply curve is vertical, then supply is
perfectly inelastic.
A) True
B) False
If a $5 decrease in the price of a good leads to a ten
unit increase in quantity demanded, then demand must be
elastic.
A) True
B) False
If the absolute value of the price elasticity of demand
for peanuts is 2, then a 10 percent increase in the price of
peanuts will lead to a 5 percent decrease in the quantity of
peanuts demanded....

(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...

QUESTION 21
If the percentage change in quantity demanded is greater than
the percentage change in price for good A, then the demand for good
A is
a.
inelastic.
b.
unit elastic.
c.
elastic.
d.
perfectly inelastic.
QUESTION 22
If the percentage change in quantity demanded is less than the
percentage change in price for good B, then the demand for good B
is
a.
inelastic.
b.
unit elastic.
c.
elastic.
d.
perfectly elastic.
QUESTION 23
If the percentage change...

1. Graphically, what does the demand curve look
like when demand is perfectly elastic? When it is
perfectly inelastic?
2. What is the relationship--if there is one--between the price
elasticity of demand and the slope of the demand curve?
3. In the context of elasticity, how can goods
be classified as "substitutes," "complements," or "independent
goods?" (Hint: think about this in terms of the number values used
to define elasticity.)

In each case below, what is the value of the price elasticity
of demand? Is demand perfectly inelastic, inelastic, unit elastic,
elastic or perfectly elastic?
Price falls by 10%, quantity demanded rises by 8%
Price rises by 3%, quantity demanded falls by 3%
Price rises by 1%, quantity demanded falls by 5%
Price rises by 5%, quantity demanded collapses to zero
Price falls by 2%, quantity demanded does not change

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