Upgrade to remove ads Show
Only ₩37,125/year
Terms in this set (37)When the price of a good increased by 5 percent, the quantity demanded of it decreased 10 percent. elastic When the price of a good increased by 6 percent, the quantity demanded of it decreased 3 percent. necessity; poor substitute When the price of a good increased by 8 percent, the quantity demanded of it decreased 4 percent. 0.5 increase, bread Samsung
and LG slash prices to take sales from Apple increase; decrease One winter recently, the price of home heating oil increased by 20 percent and the quantity demanded decreased by 2 percent. increases;greater, The graph illustrates the demand for movie tickets. true, The price elasticity of demand for Loretta's chocolate chip cookies is 0.6. Loretta wants to increase her total revenue. raise; inelastic Mike should _____ the price of his popcorn because the demand for popcorn is ______. lower; elastic **Read Eye on Elasticity At The Coffee Shop, then explain why the demand for latte is inelastic while the demand for a Starbucks latte is elastic. The demand for latte is inelastic while the demand for a Starbucks latte is elastic because _______. a Starbucks latte has many substitutes such as lattes from other coffee shops, but latte in general has poor substitutes The demand for _______ is likely to be more inelastic than _______. coffee; latte because a latte has more substitutes than coffee Which of the following is an example of price elasticity of demand? When the price of bananas increased by 5 percent and nothing else changed, the quantity of bananas demanded decreased by 2 percent. Which of the following statements describes an elastic demand? Mary's quantity demanded of milk decreased by 8 percent when the price of milk rose by 5 percent. The demand for plums is unit elastic if _____. a 5 percent rise in the price of plums results in a 5 percent decrease in the quantity of plums demanded Which of the following statements describe an inelastic demand? Megan did not buy too many hockey tickets even though their price dropped by 10 percent. Which of the following statements is an example of perfectly elastic demand? Sherry is overwhelmed with buyers of her peaches when she lowers their price by a penny a pound compared to other sellers in the farmers' market. Which of the following statements describes a perfectly inelastic demand? Walgreens does not find any change in the number of people buying chlorthalidone after a 7 percent rise in its price. When the price of tomatoes rises from $3 per pound to $4 per pound, the quantity of tomatoes sold decreases from 15 pounds to 10 pounds. Total revenue _____, and using the total revenue test, we can determine that the demand for tomatoes is _____ . decreases from $45 to $40; elastic A 3 percent increase in the price of a good increased
the quantity supplied of the good by 6 percent after one month. elastic, plentiful or easily obtained A 8 percent increase in the price of a good increased the quantity supplied of the good by 4 percent after one month more;more Enrolment increased from 15,539,000 in 2000 to 20,618,000 in 2013. The net cost of college (average for all types) increased from $12,357 to $14,860. 1.53 elastic Which of the following statements is an example of price elasticity of supply? A 10 percent fall in the price of turkey with no other change decreases quantity supplied by 12 percent. Which of the following statements describes an elastic supply? A rise in the price of tomatoes by 10 percent increases the quantity supplied by more than that. Which of the following illustrates a unit elastic supply? Dan says that a 10 percent rise in the price of movie tickets increases the quantity of movie tickets supplied by the same proportion. Which of the following statements illustrates an inelastic supply? Farmers have not been able to respond to a rise in the price of peas. Which of the following statements describes perfectly elastic supply? the demand for pears increases by 800 percent, but Kroger continues to sell them at an unchanged price. Which of the following statements is an example of perfectly inelastic supply? When the price of insulin falls by 10 percent, Rite Aid pharmacy continues to supply the same quantity. The quantity demanded of good A decreases by 5 percent when the price of good B rises by 10 percent and other things remaining the same. The cross elasticity of demand tells us that good A and good B are ______ and as the price of good B rises, the demand for good A ______. When
income rises by 2 percent and other things remain the same, the quantity demanded of good C increases by normal; increases China is the world's fastest-growing market for "vanity" spending elastic because the percentage change in the quantity demanded of "vanity" goods exceeds the percentage change in income Which of the following statements describes cross price elasticity of demand? As a result of a rise in the price of spinach with all else remaining constant, Ralph buys more broccoli, a substitute for spinach. Which of the following statements illustrates income elasticity of demand? A salary cut and no other changes has resulted in Mary buying less fast food.
When the price of ice cream rises from $3 to $5 a scoop, the quantity of ice cream bought decreases by 10 percent. 0.2 In Pioneer Ville, the price elasticity of demand for bus rides is 0.5. the quantity of bus rides demanded decreases by 2.5 percent The price elasticity of demand for a good is 0.2. increase If the price of a good falls and expenditure on the good rises, the demand for the good is _______. elastic When
the price of a good rises from $5 to $7 a unit, the quantity supplied increases from 110 to 130 units a day. 0.5; inelastic The cross elasticity of demand for good A with respect to good B is 0.2. 2; substitutes A 2 percent increase in income increases the quantity demanded of a good by 1 percent. 1/2; normal Recommended textbook solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 881 solutions Microeconomics8th EditionDaniel Rubinfeld, Robert Pindyck 395 solutions Intermediate Microeconomics8th EditionHal R. Varian 124 solutions Brief Principles of Macroeconomics6th EditionBianca Murphy, N. Gregory Mankiw 338 solutions Sets with similar termsEcon Review26 terms john_orangez Eco Ch. 510 terms reilly_butler4 MicroEcon Ch 3 Quiz60 terms Sra_Manzanas Baade Test42 terms Esther_Edgerton5 Other sets by this creatorperfect competition7 terms aawesomee20 monopolistic competition8 terms aawesomee20 monopoly7 terms aawesomee20 chapter 16; Monopoly14 terms aawesomee20 Verified questions
ECONOMICS Explain why federal disaster relief, which quickly disburses funds to victims of natural disasters such as hurricanes, floods, and large-scale crop failures, will stabilize the economy more effectively after a disaster than relief that must be legislated. Verified answer
ECONOMICS Suppose you are a depositor at First Street Bank. You hear a rumor that the bank has suffered serious losses on its loans. Every depositor knows that the rum or isn't true, but each thinks that most other depositors believe the rumor. Why, in the absence of deposit insurance, could this lead to a bank run? How does deposit insurance change the situation? Verified answer ECONOMICS How did Russia and China deal with the problem of scarcity in the past? Why would a transition to capitalism aid them in solving this problem? Verified answer
ECONOMICS In a certain town, 45% of eligible voters are Liberals, 30% are Conservatives, and the remainder are Social Democrats. In the last provincial election, 20% of the Liberals, 35% of the Conservatives, and 40% of the Social Democrats voted. Verified answer Other Quizlet setsSanitation & Safety32 terms aross75 Exam 2 practice31 terms Littlesierra Related questionsQUESTION 61) Why would a company continue to operate for many years while never once turning a profit rather than shut down immediately? Using revenue and cost analysis, explain when the company would shut down. 2 answers QUESTION moving upward on a downward-sloping straight-line demand curve, we find that price elasticity: 15 answers QUESTION Explain why a purely competitive firm is a price taker 4 answers QUESTION Suppose the U.S. government encouraged new teachers to take jobs in underperforming schools by paying the new teachers a $20,000 bonus. These teachers would be exemplifying the economic idea that.... 15 answers When the price of a good increased by 10 percent the quantity demanded of it decreased 2 percent demand for this good is?The demand for a good is inelastic if the percentage decrease in the quantity demanded is less than the percentage increase in its price. In this example, a 10 percent price rise brings a 2 percent decrease in the quantity demanded, so demand is inelastic.
When price falls by 5% and demand increases by 6% then elasticity of demand is 1 point?And the inelastic demand is the change in demand is small due to the change in price. Here we can see that the price falls by 5% and the demand increases by 6% so we cans ay that the demand is elastic. Hence, the correct answer is "elastic".
When the price of a product is increased 10 percent the quantity demanded decreases 20 percent in this range of prices demand for this product is?Answer and Explanation: The correct answer choice is B. Demand is said to be price elastic when the value of price elasticity is greater than one. Here, the given percentage change in quantity demanded is 15, while the given percentage change in price is 10 implying that the price elasticity of demand is 1.5.
When a 10 percent change in the price of a good brings about a 20 percent change in its quantity demanded we calculate the price elasticity of demand to be?The ratio will always be negative for any downward sloping demand curve. For example, if a 10 percent price increase brings about a 20 percent reduction in quantity demanded, the price elasticity of demand is –20 percent/+ 10 percent, or –2.0.
|
When the price of a good increased by 5 percent the quantity demanded of it decreased 10 percent the price elasticity of demand?
zusammenhängende Posts
Urheberrechte © © 2024 ketiadaan Inc.
