Homework Answers
17) when there are few close substitutes, the demand for the good will be relatively inelastic
option(B)
18) As the decrease in price cause a decrease in demand, the cross-price elasticity would be positive
the statement is false
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Question 17 When there few close substitutes available for a good, demand tends to be Operfectly...
Question 2 When there few close substitutes available for a good, demand tends to be relatively...
Question 2 When there few close substitutes available for a good, demand tends to be relatively inelastic O perfectly elastic. O perfectly inelastic relatively elastic. > A Moving to another question will save this response.
Question 9 1 points Seve Answer In recent years, the prices of new domestically produced cars have been falling Sup...
Question 9 1 points Seve Answer In recent years, the prices of new domestically produced cars have been falling Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information suggests that the cross price elasticity between new cars and used cars, and the cross-price elusticity between new cars and bus travel, are negative O True O False A Moving to another question will save this resporse. Question 9of 18
Suppose the absolute value of the price elasticity of demand for basketball game tickets on yur...
Suppose the absolute value of the price elasticity of demand for basketball game tickets on yur campus is greater than 1. Increasing ticket prices will increase the total revenue from ticket sales. True False A perfectly elastic demand curve is horizontal. curvilinear. upward sloping. vertical. In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information suggests that...
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods...
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods are: A. Complements B. Substitutes C. Unrelated Goods D. Inelastic Goods 6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity of supply is: A. 0.6...
15.Demand tends to be more elastic when A. price is high, and more inelastic when price...
15.Demand tends to be more elastic when A. price is high, and more inelastic when price is low. B. price is low, and more inelastic when price is high. C. the demand curve is very steep. D. the quantity demanded is larger. 16.If increasing the admission charge for National Parks increases the National Park Service’s total revenue, then the demand for National Park visits is A.inelastic. B.elastic, but not perfectly elastic. C.perfectly elastic. D.a perfectly horizontal line. 20. When consumers’...
Consider some determinants of the price elasticity of demand: . The availability of close substitutes Product's...
Consider some determinants of the price elasticity of demand: . The availability of close substitutes Product's share of the consumer's total budget A good with many close substitutes is likely to have relatively substitutes if the price of the good rises demand, since consumers can easily choose to purchase one of the close The price elasticity of demand for a good depends on the price of the good relative to consumers' incomes. Which of the following goods has the most...
If the market for a product is broadly defined, then O there are few substitutes for...
If the market for a product is broadly defined, then O there are few substitutes for the product and the demand for the product is relatively inelastic. O the expenditure on the good is likely to make up a large share of one's budget. O the good has many complements O there are many substitutes for the product and the demand for the product is relatively elastic. > A Moving to another question will save this response. Consider the following...
Which of the following statements is true? If the price of a good is lowered and...
Which of the following statements is true? If the price of a good is lowered and total revenue decreases, demand is elastic. If the price of a good is raised and total revenue does not change, demand is perfectly elastic. If the price of a good is lowered and total revenue increases, demand is inelastic. If the price of a good is raised and total revenue increases, demand is inelastic. and relatively inelastic demand is represented by a demand curve...
Consider some determinants of the price elasticity of demand: • Availability of close substitutes • Whether...
Consider some determinants of the price elasticity of demand: • Availability of close substitutes • Whether the good is a necessity or a luxury • Whether the good is broadly defined • The proportion of a consumer's budget spent on the good • Time people have to adapt to new price changes A good without any close substitutes is likely to have relatively(elastic or inelastic)demand, because consumers cannot easily switch to a substitute good if the price of the good...
The answer for 10 and 11 10. When consumers have fewer close substitutes for a good,...
The answer for 10 and 11
10. When consumers have fewer close substitutes for a good, demand is likely to be more A. Elastic B. Inelastic C. Unit elastic D. Can't say for sure FIGURE #2 ice 0 11. (Refer to Figure 2 above). As shown, demand is likely to be: A. Perfectly elastic B. Inelastic C. Elastic D. Perfectly Inelastic
Question 2 When there few close substitutes available for a good, demand tends to be relatively inelastic O perfectly elastic. O perfectly inelastic relatively elastic. > A Moving to another question will save this response.
Question 9 1 points Seve Answer In recent years, the prices of new domestically produced cars have been falling Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information suggests that the cross price elasticity between new cars and used cars, and the cross-price elusticity between new cars and bus travel, are negative O True O False A Moving to another question will save this resporse. Question 9of 18
Suppose the absolute value of the price elasticity of demand for basketball game tickets on yur campus is greater than 1. Increasing ticket prices will increase the total revenue from ticket sales. True False A perfectly elastic demand curve is horizontal. curvilinear. upward sloping. vertical. In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information suggests that...
5. The cross-price elasticity of demand between good A and good B is -1.4. These goods are: A. Complements B. Substitutes C. Unrelated Goods D. Inelastic Goods 6. Income elasticity of demand for streaming video is 0.5, which indicates that streaming video is a: A. Normal good B. Inferior good C. Not good D. Can't say for sure 7. When the price of sriracha increases by 15%, you observe quantity supplied increase by 25%. Elasticity of supply is: A. 0.6...
Consider some determinants of the price elasticity of demand: . The availability of close substitutes Product's share of the consumer's total budget A good with many close substitutes is likely to have relatively substitutes if the price of the good rises demand, since consumers can easily choose to purchase one of the close The price elasticity of demand for a good depends on the price of the good relative to consumers' incomes. Which of the following goods has the most...
If the market for a product is broadly defined, then O there are few substitutes for the product and the demand for the product is relatively inelastic. O the expenditure on the good is likely to make up a large share of one's budget. O the good has many complements O there are many substitutes for the product and the demand for the product is relatively elastic. > A Moving to another question will save this response. Consider the following...
Which of the following statements is true? If the price of a good is lowered and total revenue decreases, demand is elastic. If the price of a good is raised and total revenue does not change, demand is perfectly elastic. If the price of a good is lowered and total revenue increases, demand is inelastic. If the price of a good is raised and total revenue increases, demand is inelastic. and relatively inelastic demand is represented by a demand curve...
The answer for 10 and 11
10. When consumers have fewer close substitutes for a good, demand is likely to be more A. Elastic B. Inelastic C. Unit elastic D. Can't say for sure FIGURE #2 ice 0 11. (Refer to Figure 2 above). As shown, demand is likely to be: A. Perfectly elastic B. Inelastic C. Elastic D. Perfectly Inelastic
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