Question 1

The demand for Phillips gasoline is more _______ than the demand for gasoline in general because _________________________.

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Question 2

If price were lowered from $22 to $21,quantity demanded rose from 100 to 103,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic,and find how much total revenue was when the price was $22 and $21.

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The answer of If price were lowered from $22 to...

Question 3

In the space provided in the graph above,draw a demand curve D1,and then draw a second demand curve,D2,that is less elastic.

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Question 4

Ideally,an ad will make a buyer feel that she ______ have the product.In other words,the ad makes the good more ________.

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Question 5

On the demand curve shown in the graph above,label it where it is very elastic,unit elastic,and very inelastic.

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Question 6

If price were increased from $25 to $26 and quantity demanded fell from 10 to 9,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic;and find out how much total revenue was when price was $25 and $26.

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Question 7

In the space provided in the graph above,draw a perfectly inelastic demand curve and state its elasticity.

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Question 8

If demand for a good is very in elastic,make up a number to represent its elasticity._____

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Question 9

In the market period,a steel manufacturer has a __________ productive capacity.

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Question 10

If price were lowered from $10 to $8 and quantity demanded rose from 50 to 51,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic;and find how much total revenue was when price was $10 and $8.

Accepted Answer

The answer of If price were lowered from $10 to...

Question 11

Along a downward-sloping straight-lined demand curve,the elasticity of demand is greater at ________ prices and more inelastic at _______ prices.

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Question 12

If consumers are insensitive to price changes for a particular good,their demand for the good is said to be _________.

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Question 13

If the price were increased from $94 to $96 and quantity demanded fell from 38 to 37,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic,and find how much total revenue was when the price was $94 and $96.

Accepted Answer

The answer of If the price were increased from $94...

Question 14

If demand for a service is very elastic,make up a number to represent its elasticity._____

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Question 15

If the elasticity for yachts is three,a tax on yachts will ___________ total revenue.

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Question 16

The more time a buyer has to purchase a product,the more ________ the buyer can find and,therefore,the more _________ the good becomes.

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Question 17

If the price of medical services goes up 10% and quantity demanded falls by 3%,demand is _______.

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Question 18

If the elasticity coefficient is greater than zero but less one,the good is ____________.

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Question 19

If demand and supply have the same elasticity,the seller will pay ________ of a tax.

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Question 20

In the space provided in the graph above,draw a perfectly elastic demand curve D1,and a very elastic demand curve,D2.

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Quiz 18: The Price Elasticities of Demand and Supply

The demand for Phillips gasoline is more _ than the demand for gasoline in general because ___________________.

If price were lowered from $22 to $21,quantity demanded rose from 100 to 103,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic,and find how much total revenue was when the price was $22 and $21.

In the space provided in the graph above,draw a demand curve D1,and then draw a second demand curve,D2,that is less elastic.

Ideally,an ad will make a buyer feel that she have the product.In other words,the ad makes the good more __.

On the demand curve shown in the graph above,label it where it is very elastic,unit elastic,and very inelastic.

If price were increased from $25 to $26 and quantity demanded fell from 10 to 9,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic;and find out how much total revenue was when price was $25 and $26.

In the space provided in the graph above,draw a perfectly inelastic demand curve and state its elasticity.

If demand for a good is very in elastic,make up a number to represent its elasticity._____

In the market period,a steel manufacturer has a __________ productive capacity.

If price were lowered from $10 to $8 and quantity demanded rose from 50 to 51,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic;and find how much total revenue was when price was $10 and $8.

Along a downward-sloping straight-lined demand curve,the elasticity of demand is greater at __ prices and more inelastic at _ prices.

If consumers are insensitive to price changes for a particular good,their demand for the good is said to be _________.

If the price were increased from $94 to $96 and quantity demanded fell from 38 to 37,calculate elasticity;state whether demand is elastic,unit elastic,or inelastic,and find how much total revenue was when the price was $94 and $96.

If demand for a service is very elastic,make up a number to represent its elasticity._____

If the elasticity for yachts is three,a tax on yachts will ___________ total revenue.

The more time a buyer has to purchase a product,the more the buyer can find and,therefore,the more _ the good becomes.

If the price of medical services goes up 10% and quantity demanded falls by 3%,demand is _______.

If the elasticity coefficient is greater than zero but less one,the good is ____________.

If demand and supply have the same elasticity,the seller will pay ________ of a tax.

In the space provided in the graph above,draw a perfectly elastic demand curve D1,and a very elastic demand curve,D2.