1)When price is $5 per unit, quantity demanded is 12 units. When price is $6 per
ID: 1099225 • Letter: 1
Question
1)When price is $5 per unit, quantity demanded is 12 units. When price is $6 per unit, quantity demanded is 8 units. The value of the absolute price elasticity of demand is approximatelyA) 2.20
B) 4.00
C) 1.82
D) 0.36
2)The absolute price elasticity of demand for a product that has many good substitutes is probably
A) less than 1
B) greater than 1
C) equal to 1
D) infinity
3)When the absolute percentage change in quantity demanded is just equal to the percentage change in price, demand is
A) elastic
B) perfectly inelastic
C) unit-elastic
D) relatively inelastic
4) Which of the following is NOT a factor that determines the price elasticity of demand?
A) The amount that suppliers have made available
B) The percentage of a consumer's total budget spent on the good
C) The existence of substitutes
D) The length of time allowed for adjustments to change in the price of the commodities
5) If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for oranges would be most reasonable to anticipate?
A) 0.0
B) 1.2
C) -2.5
D) -1.0
1)When price is $5 per unit, quantity demanded is 12 units. When price is $6 per unit, quantity demanded is 8 units. The value of the absolute price elasticity of demand is approximately
A) 2.20
B) 4.00
C) 1.82
D) 0.36
2)The absolute price elasticity of demand for a product that has many good substitutes is probably
A) less than 1
B) greater than 1
C) equal to 1
D) infinity
3)When the absolute percentage change in quantity demanded is just equal to the percentage change in price, demand is
A) elastic
B) perfectly inelastic
C) unit-elastic
D) relatively inelastic
4) Which of the following is NOT a factor that determines the price elasticity of demand?
A) The amount that suppliers have made available
B) The percentage of a consumer's total budget spent on the good
C) The existence of substitutes
D) The length of time allowed for adjustments to change in the price of the commodities
5) If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for oranges would be most reasonable to anticipate?
A) 0.0
B) 1.2
C) -2.5
D) -1.0
2)The absolute price elasticity of demand for a product that has many good substitutes is probably
A) less than 1
B) greater than 1
C) equal to 1
D) infinity
3)When the absolute percentage change in quantity demanded is just equal to the percentage change in price, demand is
A) elastic
B) perfectly inelastic
C) unit-elastic
D) relatively inelastic
4) Which of the following is NOT a factor that determines the price elasticity of demand?
A) The amount that suppliers have made available
B) The percentage of a consumer's total budget spent on the good
C) The existence of substitutes
D) The length of time allowed for adjustments to change in the price of the commodities
5) If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for oranges would be most reasonable to anticipate?
A) 0.0
B) 1.2
C) -2.5
D) -1.0
5) If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for oranges would be most reasonable to anticipate?
A) 0.0
B) 1.2
C) -2.5
D) -1.0 D) The length of time allowed for adjustments to change in the price of the commodities
5) If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for oranges would be most reasonable to anticipate?
A) 0.0
B) 1.2
C) -2.5
D) -1.0
Explanation / Answer
1. C) 1.82
2. B) greater than 1
3. C) unit-elastic
4. A) The amount that suppliers have made available
5. B) 1.2
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.