Homework Answers
Demand is said to be elastic when price elasticity of demand has an absolute value greater than 1.
If it is less than 1, then it is said to be inelastic demand.
If it is equal to 1, then it is said to be unit elastic demand.
So, the correct answer is an option (c).
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oe hropposite directions QUESTION 45 Demand is said to be "elastic" whenever O b. consumers do...
Questions 1 Different people may have different tastes, but their tastes do not change over time....
Questions 1
Different people may have different tastes, but their tastes do
not change over time. TRUE OR FALSE?
Questions 2
Demand is unit elastic whenever?
see
image to choose and answers for question #2
Question 3 Demand is unit elastic whenever O price elasticity has an absolute value of 1 price elasticity has an absolute value greater than 1 O price elasticity has an absolute value less than 1 O price elasticity is negative
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...
The article said that the effect of "downsizing of America's vehicle fleet...on fuel consumption is still...
The article said that the effect of "downsizing of America's vehicle fleet...on fuel consumption is still largely unknown." How is it that improved energy efficiency does not guarantee lower energy consumption? Now you can see the answer to this question the Holding the price of gasoline and other factors constant, improved energy efficiency the quantity of miles demanded each month marginal cost per mile driven and The impact on actual gasoline consumption depends upon the price elasticity of demand for...
If the value of the price elasticity of demand is 0.7, the demand is said to...
If the value of the price elasticity of demand is 0.7, the demand is said to be? A. partially inelastic. B. elastic C. Unit elastic D. inelastic E. partially elastic
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’...
Figure 5-1 Panel A Panel B Price Demand Demand Quantity Quantity Panel C Panel D Price...
Figure 5-1 Panel A Panel B Price Demand Demand Quantity Quantity Panel C Panel D Price Demand Demand Quantity Quantity Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel B. Panel C. Panel A. Figure 5-8 Price Supply 120 180 Quantity Refer to Figure 5-8. What is the value of the price elasticity of supply between g and h? O 0.5 02 20 percent 0.02 If demand is perfectly price inelastic, the absolute value...
Suppose the government imposes a tax on each case of beer. The consumers will pay the...
Suppose the government imposes a tax on each case of beer. The consumers will pay the majority of tax when demand is: a. perfectly elastic b. unit elastic. 24. c. elastic d. inelastic e. none of the above. Producers always pay the majority of taxes. A perfectly elastic demand curve is represented by a curve that is a. downward sloping to the right. b. upward sloping to the right c. vertical d. almost vertical e. horizontal 25. Country A is...
Which of the following statements about the price elasticity of demand is correct?
Question 5 Which of the following statements about the price elasticity of demand is correct? The absolute value of the elasticity of demand ranges from zero to one. The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good. Demand is more elastic the smaller the percentage of the consumer's budget the item takes up. Demand is more elastic in the long run than it is in the short run. Question 6 The cross-price elasticity...
At the midpoint of a downward sloping straight-line demand curve, the demand O A. is elastic. O B. is unit elastic...
At the midpoint of a downward sloping straight-line demand curve, the demand O A. is elastic. O B. is unit elastic. O c. has an elasticity exactly equal to zero. OD. is inelastic. Marginal benefit is the benefit received from O A. producing the efficient quantity O B. consuming more goods or services O C. consuming the efficient quantity O D. consuming one more unit of a good or service
1. If a good has a price elasticity of demand equal to 0, ________. a) the...
1. If a good has a price elasticity of demand equal to 0, ________. a) the smallest increase in its price will cause consumers to stop consuming it completely b) the quantity demanded of the good will be completely unaffected by a change in its price c) the demand curve for the good will be upward-sloping 2. At the midpoint of a downward-sloping, linear demand curve for a good, the price elasticity of demand for the good is ________. a)...
Questions 1
Different people may have different tastes, but their tastes do
not change over time. TRUE OR FALSE?
Questions 2
Demand is unit elastic whenever?
see
image to choose and answers for question #2
Question 3 Demand is unit elastic whenever O price elasticity has an absolute value of 1 price elasticity has an absolute value greater than 1 O price elasticity has an absolute value less than 1 O price elasticity is negative
The article said that the effect of "downsizing of America's vehicle fleet...on fuel consumption is still largely unknown." How is it that improved energy efficiency does not guarantee lower energy consumption? Now you can see the answer to this question the Holding the price of gasoline and other factors constant, improved energy efficiency the quantity of miles demanded each month marginal cost per mile driven and The impact on actual gasoline consumption depends upon the price elasticity of demand for...
Figure 5-1 Panel A Panel B Price Demand Demand Quantity Quantity Panel C Panel D Price Demand Demand Quantity Quantity Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel B. Panel C. Panel A. Figure 5-8 Price Supply 120 180 Quantity Refer to Figure 5-8. What is the value of the price elasticity of supply between g and h? O 0.5 02 20 percent 0.02 If demand is perfectly price inelastic, the absolute value...
Suppose the government imposes a tax on each case of beer. The consumers will pay the majority of tax when demand is: a. perfectly elastic b. unit elastic. 24. c. elastic d. inelastic e. none of the above. Producers always pay the majority of taxes. A perfectly elastic demand curve is represented by a curve that is a. downward sloping to the right. b. upward sloping to the right c. vertical d. almost vertical e. horizontal 25. Country A is...
At the midpoint of a downward sloping straight-line demand curve, the demand O A. is elastic. O B. is unit elastic. O c. has an elasticity exactly equal to zero. OD. is inelastic. Marginal benefit is the benefit received from O A. producing the efficient quantity O B. consuming more goods or services O C. consuming the efficient quantity O D. consuming one more unit of a good or service
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