Homework Answers
Since Sugar is a necessary commodity i.e. it is necessary for the human body to consume some quantity of sugar in order to avoid problems of insulin, the demand for sugar is bound to be less elastic than the demand for gasoline. This is also because sugar tends to represent a smaller fraction of a consumer's budget and hence fluctuations in prices do not receive greater responsiveness from the consumers.
Ans. (D)
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Compare the demand for sugar with demand for gasoline. The demand for sugar is likely O...
Compare the demand for pencils with demand for gasoline. The demand for pencils is likely O...
Compare the demand for pencils with demand for gasoline. The demand for pencils is likely O A. more inelastic because pencils tend to represent a smaller fraction of a consumer's budget. OB. more elastic because pencils tend to represent a smaller fraction of a consumer's budget. O C. more inelastic because pencils tend to be purchased more frequently OD. more elastic because pencils tend to be purchased in larger quantities O E. more elastic because pencils tend to represent a...
The demand for gasoline in the short run is O inelastic because there are very few...
The demand for gasoline in the short run is O inelastic because there are very few good substitutes for gasoline. O unit elastic because people tend to consume a stable amount of gasoline per period. o elastic because people can easily switch to public transportation. O perfectly inelastic because people have no choice but to buy gasoline.
The larger the share of a good in a consumer's budget, holding everything else constant, the?...
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The income elasticity of demand for foreign travel A. is likely to be larger than the...
The income elasticity of demand for foreign travel A. is likely to be larger than the income elasticity of demand for food. B. cannot be compared to the income elasticity of demand for food. C. is likely to be inelastic. D. is likely to be smaller than the income elasticity of demand for food. E. is likely to be negative.
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if pri...
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
27). Assume that the demand for salt is relatively inelastic and that the demand for orange juice is relatively el...
27). Assume that the demand for salt is relatively inelastic and that the demand for orange juice is relatively elastic. Imposing a tax on salt will cause total decrease in traded quantity than imposing the same percentage tax on orange juice. a. a greater b. a lesser c. neither a greater nor a lower d. either a greater or a lesser than a 28.) We can expect a tax on gasoline to cause the quantity of gasoline traded to change...
the price elasticity of demand for electricity is -0.8. The value tells you that the demand...
the price elasticity of demand for electricity is -0.8. The value tells you that the demand for electricity is ___ and that for any given % change in price, the % change in quantity demanded must be ___. a. elastic, larger b. elastic, smaller c. inelastic, larger d. inelastic, smallere.
Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer...
Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. It is not possible to distinguish any relationship among the goods. Good X and Good Y Good Y and Good Z Good X and Good Z If the market for a product is broadly defined, then the expenditure on the good is likely to make up a large share of one's budget there are...
0.2 (15 points) The following table shows the demand for gasoline by a public bus and...
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Compare the demand for pencils with demand for gasoline. The demand for pencils is likely O A. more inelastic because pencils tend to represent a smaller fraction of a consumer's budget. OB. more elastic because pencils tend to represent a smaller fraction of a consumer's budget. O C. more inelastic because pencils tend to be purchased more frequently OD. more elastic because pencils tend to be purchased in larger quantities O E. more elastic because pencils tend to represent a...
The demand for gasoline in the short run is O inelastic because there are very few good substitutes for gasoline. O unit elastic because people tend to consume a stable amount of gasoline per period. o elastic because people can easily switch to public transportation. O perfectly inelastic because people have no choice but to buy gasoline.
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
27). Assume that the demand for salt is relatively inelastic and that the demand for orange juice is relatively elastic. Imposing a tax on salt will cause total decrease in traded quantity than imposing the same percentage tax on orange juice. a. a greater b. a lesser c. neither a greater nor a lower d. either a greater or a lesser than a 28.) We can expect a tax on gasoline to cause the quantity of gasoline traded to change...
Figure 5-6 Good Z Good Y Good X Price Price Price Demand Quantity Quantity Quantity Refer to Figure 5-6. Identify the two goods which are substitutes. It is not possible to distinguish any relationship among the goods. Good X and Good Y Good Y and Good Z Good X and Good Z If the market for a product is broadly defined, then the expenditure on the good is likely to make up a large share of one's budget there are...
0.2 (15 points) The following table shows the demand for gasoline by a public bus and the demand for gasoline by a private car. Price (per gallon) $3.2 $3.0 $2.8 $2.6 $2.4 $2.2 Demand for gasoline (per week) Quantity demanded: by a Quantity demanded: by a public bus (gallons) private car (gallons) 75 25 80 40 85 55 90 70 95 85 100 100 (a) Suppose the price of gasoline increases from $2.4 to $2.6. Calculate the price elasticity of...
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