Homework Answers
17.
Correct Answer:
B
When price increases and demand of the good is inelastic, then revenue increases, because demand does not decrease with increase in price.
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Question 17 Which of the following statements is true? If the price of a good is...
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...
Question 9 Which of the following statements is true? The demand curve for a necessity is...
Question 9 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury. The more time that passes the more inelastic the demand for a product becomes. The more narrowly we define a market, the more elastic the demand for a product will be. In general, if a product has few substitutes it will have an elastic demand. OOOO Question 10 The income elasticity of demand measures the...
Which of the following is a true statement? A. If demand is inelastic and the price...
Which of the following is a true statement? A. If demand is inelastic and the price increases, the total revenue will increase. OB. If demand is inelastic and the price increases, the total revenue will decrease. C. If demand is elastic and the price increases, the total revenue will increase. D. If demand is elastic and the price decreases, the quantity demanded will decrease. Reset Selection MacBook Air
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...
Question 2 A drought hits the market for wheat. If the equilibrium price of wheat rises...
Question 2 A drought hits the market for wheat. If the equilibrium price of wheat rises by 10 % , which of the following about total expenditure on wheat is true? O If total expenditure falls by 10% , demand for wheat is unit elastic O If total expenditure does not change, demand for wheat is unit elastic O If total expenditure falls by 10%, demand for wheat is perfectly elastic. If total expenditure does not change, demand for wheat...
If the demand for a good is inelastic and the price of the good decreases, then...
If the demand for a good is inelastic and the price of the good decreases, then a.total revenue increases. b.total revenue decreases. c.total revenue is not affected. d.the direction of the change in total revenue cannot be determined from the information given.
When demand is ________, a decrease in price ________ total revenue. unit elastic; increases elastic; does...
When demand is ________, a decrease in price ________ total revenue. unit elastic; increases elastic; does not change elastic; decreases inelastic; decreases
1 Minute, 6 Seconds Question 1 10 pts Match the word with the best fit phrase...
1 Minute, 6 Seconds Question 1 10 pts Match the word with the best fit phrase Price Elasticity of Demand AQd ΔQ/ΔΡ (Choose] can be replaced by 1/slope of the demand curve Where the income elasticity is less than 0 When the income elasticity is greater than 1 When the cross price elasticity is less than 0 A situation where quantity demand does not change even if price changes Test to determine how elasticity of demand causes change in revenue...
A manufacturer of ginseng tea found that when it lowered the price of a can of...
A manufacturer of ginseng tea found that when it lowered the price of a can of its product from $8 to $7, total revenue declined and when it raised the price from $8 to $9 and total sales revenue again declined. Given this information, which of the following statements is correct? O a O b OOO The demand for the product is inelastic in the $7 to $8 range The demand for the product is elastic in the $7 to...
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...
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...
Question 9 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury. The more time that passes the more inelastic the demand for a product becomes. The more narrowly we define a market, the more elastic the demand for a product will be. In general, if a product has few substitutes it will have an elastic demand. OOOO Question 10 The income elasticity of demand measures the...
Which of the following is a true statement? A. If demand is inelastic and the price increases, the total revenue will increase. OB. If demand is inelastic and the price increases, the total revenue will decrease. C. If demand is elastic and the price increases, the total revenue will increase. D. If demand is elastic and the price decreases, the quantity demanded will decrease. Reset Selection MacBook Air
Question 2 A drought hits the market for wheat. If the equilibrium price of wheat rises by 10 % , which of the following about total expenditure on wheat is true? O If total expenditure falls by 10% , demand for wheat is unit elastic O If total expenditure does not change, demand for wheat is unit elastic O If total expenditure falls by 10%, demand for wheat is perfectly elastic. If total expenditure does not change, demand for wheat...
1 Minute, 6 Seconds Question 1 10 pts Match the word with the best fit phrase Price Elasticity of Demand AQd ΔQ/ΔΡ (Choose] can be replaced by 1/slope of the demand curve Where the income elasticity is less than 0 When the income elasticity is greater than 1 When the cross price elasticity is less than 0 A situation where quantity demand does not change even if price changes Test to determine how elasticity of demand causes change in revenue...
A manufacturer of ginseng tea found that when it lowered the price of a can of its product from $8 to $7, total revenue declined and when it raised the price from $8 to $9 and total sales revenue again declined. Given this information, which of the following statements is correct? O a O b OOO The demand for the product is inelastic in the $7 to $8 range The demand for the product is elastic in the $7 to...
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...
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