Question

this 1 supposed the supply of whe n Althely curve for what must be Otherewig was in prispepty the o AL A prosince leads to al princi Alpen de the price of wine a n d pio wine Do Win is a relatively god l h aw 12) Last year purchased pop to today aftewe was this year she fell and S pounds of poes All ho mes of demand A v e, so wonders potatoes to be some good and a necessity positiva, o Socos protestobe ander goed O c endens temal good D ondens p anin good Quantity 5) Refer to - As prietaisom PAPs the quantity demandin e along therefore A) Dis un elast B) Do dan DD Dis monastic than DD DD, is elastic at Pabutinai ats transportation provides a s o C -price city of demand 3) powie ng their own care for these people, the and public tra i Dinge i Suppose you're told that following are percent. What was the change in police Which of the following is about the price elasticity of demands o A) The absolute value of the demand ranges from 3) Demand is more the smaller the percentage of the consumer's but the The castity of demand for a good in realise the demand for specific brand of the good D) Demand is molestie in the long run than it is in the short run 14) The price of apply forb Increas, quantity increased by that bought this about A) 15 percent ) 6 percent prot Di imposto determine without a normation 7) Which of the following rede would have the most inte demand? Al luxury cars B) big screen TV 15) If for doing the quantity supplied when price changes then supply is Allar Belowe Optly castle perfectly of demand Which of the following would it in a higher absolute value of the price for a product A) A wide variety of substitutes a vailable for the good The pood is a necessity The expend on the good is small live nebude Dj The time period under considerini short 9) the prior i ty of demand forced soup is estimated at 1 What happens to sales rev if the price of canned soupros? It is by a per D) by 162 pret

Answer 1

5. As price falls from PA to PB, the quantity demanded increases the most along D1, therefore D1 is more elastic than D2 and D3. Along the demand curve D1, equal percentage change in price causes more % change in Quantity demanded compared to demand curves D2 and D3.

Answer: option B

6. Demand is more price elastic in the long run than in the short run because long run means Consumers get enough time to respond and change their Consumption habits when price changes.

Answer: option D

7. Bread has the most inelastic demand because it is a necessity good. So, even if price changes, quantity demanded for bread doesn't change that much.

Answer: C