Homework Answers
Option 1
As gasoline do not have many alternatives people do not tend to bother much on price changes hence the good is inelastic
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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 unit elastic because people tend to consume a stable amount of gasoline...
The demand for gasoline in the short run is unit elastic because people tend to consume a stable amount of gasoline per period. perfectly inelastic because people have no choice but to buy gasoline. elastic because people can easily switch to public transportation. inelastic because there are very few good substitutes for gasoline.
Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel A. Panel C...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: The availability of close substitutes . Whether the good is a necessity or a luxury How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively _______ demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises A good's price elasticity of demand depends in part on how necessary...
1. In a very poor village there is only 1 food available: rice. People consume 1500...
1. In a very poor village there is only 1 food available: rice. People consume 1500 calories of rice even if the price goes up 1 %. Demand for rice is perfectly: a. Inelastic b. Elastic 2. Brand wars are very competitive because brands are close substitutes. As a result, demand for brands in a brand war tend to be very: a. Elastic b. Inelastic 3. There are very few substitutes for vegetables as a whole. As a result, if...
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...
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.
Demand is more elastic: a. in the short run than in the long run. b. for...
Demand is more elastic: a. in the short run than in the long run. b. for goods with many substitutes than for goods with only a few. c. for goods with no substitutes. d. for necessities than for luxuries. e. for broadly defined goods than for narrowly defined ones. All other things constant, if a _____ proportion of a consumer’s budget is spent on a good, the demand for the good will be more _____ and a consumer will purchase...
TRUE OR FALSE A) In the very short run the demand curve is perfectly inelastic (vertical) so the ...
TRUE OR FALSE A) In the very short run the demand curve is perfectly inelastic (vertical) so the position of the supply curve determines the market price B) The patterns in 20th century U.S. wage inequality are best explained by the increase in foreign trade during this time period. C) a corporate income tax can reduce business investment if the cost accounting system differs from the internal cost accounting of the business decision makers.
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 absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classif...
The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury. True False of the following, which is the best example of good with a perfectly inelastic demand? the demand for a college education by a student who has a full scholarship to an Ivy League school a diabetic's demand for insulin the demand for gasoline the demand for tickets in New York City when the Mets or Yankees are...
The demand for gasoline in the short run is unit elastic because people tend to consume a stable amount of gasoline per period. perfectly inelastic because people have no choice but to buy gasoline. elastic because people can easily switch to public transportation. inelastic because there are very few good substitutes for gasoline.
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
1. In a very poor village there is only 1 food available: rice. People consume 1500 calories of rice even if the price goes up 1 %. Demand for rice is perfectly: a. Inelastic b. Elastic 2. Brand wars are very competitive because brands are close substitutes. As a result, demand for brands in a brand war tend to be very: a. Elastic b. Inelastic 3. There are very few substitutes for vegetables as a whole. As a result, if...
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...
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.
The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury. True False of the following, which is the best example of good with a perfectly inelastic demand? the demand for a college education by a student who has a full scholarship to an Ivy League school a diabetic's demand for insulin the demand for gasoline the demand for tickets in New York City when the Mets or Yankees are...
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