Homework Answers
17. Option C is correct. The higher prices at vending machine won't affect the prices of the other shops at the airport.
18. Option A is correct. It means when the change in price or any other factor has a big effect on the quantity consumers want to buy.
19. Option C is correct. Price elasticity of demand = % change in quantity demanded / % change in price
= 1/3 = 0.333.
20. Option C is correct. Inferior Good: A good when its demand falls due to the rise in the income of a consumer.
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17. The price of candy bars sold from vending machines at the Duluth airport has increased...
Question 23 (1 point) Last month, sellers of good Y took in $150 and sold 50...
Question 23 (1 point) Last month, sellers of good Y took in $150 and sold 50 units of good Y. This month sellers of good Y raised their price, took in $160 and sold 40 units of good Y. At the same time, the price of good X stayed the same, but sales of good X increased from 20 units to 40 units. What can we conclude about goods X and Y? They are substitutes and have a cross-price elasticity...
Willie's widgets currently sell for $17 each. At that price, Willie has sold 39,000 widgets. Willie...
Willie's widgets currently sell for $17 each. At that price, Willie has sold 39,000 widgets. Willie would like to maximize his revenue, so he raises the price of a widget to $20 each. Willie has seen the sales of his widgets drop only slightly to 37,000. Using the initial-value method, the price elasticity of demand for Willie's widgets is (Enter your response as an absolute value rounded to two decimal places.) We can conclude that the demand for Willie's widgets...
13. If the quantity of a good sold varies greatly from small changes in the price, we say that good is: A) highly i...
13. If the quantity of a good sold varies greatly from small changes in the price, we say that good is: A) highly inelastic. B) unitary elastic. C) not elastic. D) highly elastic. 14. A product's price changes from $2 to $6 and its quantity demanded changes from 10 to 4 units. This is an example of price: A) inelastic demand. B) elastic demand. C) unitarily elastic demand. D) inelastic supply. 13. Which of the following is a possible measurement...
Marcus says that he would smoke one pack of cigarettes each day regardless of the price. If he is telling the truth, Marcus’s
QUESTION 25Marcus says that he would smoke one pack of cigarettes each day regardless of the price. If he is telling the truth, Marcus’sa.demand for cigarettes is perfectly inelastic.b.price elasticity of demand for cigarettes is infinite.c.income elasticity of demand for cigarettes is 0.d.More than one of the above is correct.QUESTION 26The demand for a good becomes more inelastica.as more close substitutes for it become available.b.the longer the time horizon.c.as the market is defined more broadly.d.as it is increasingly viewed as...
17. In perfect competition, the marginal revenue of a firm always equals: A) product price. B)...
17. In perfect competition, the marginal revenue of a firm always equals: A) product price. B) total revenue. average total cost. D) marginal cost. 22. If the supply of product X is perfectly elastic, an increase in the demand for it will increase: A) equilibrium quantity but reduce equilibrium price. B) equilibrium quantity but equilibrium price will be unchanged. equilibrium price but reduce equilibrium quantity. equilibrium price but equilibrium quantity will be unchanged. 24. The main sources for the fluctuation...
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units....
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units. The price elasticity of supply in this price range is (use the Midpoint Formula): Multiple Choice a.0.3 b.0.67 c.1.5 d.3.33 10. When any change in price results in an infinite change in quantity demanded: Multiple Choice a.price elasticity of supply is zero. b.demand is perfectly elastic. c.demand is perfectly inelastic. d.price elasticity of supply is infinite. 12. Over a longer period of time: Multiple...
Willie's widgets currently sell for $2020 each. At that price, Willie has sold 48,000 widgets. Willie...
Willie's widgets currently sell for $2020 each. At that price, Willie has sold 48,000 widgets. Willie would like to maximize his revenue, so he raises the price of a widget to $2222 each. Willie has seen the sales of his widgets drop only slightly to 47,000. Using the initial-value method, the price elasticity of demand for Willie's widgets is (Enter your response as an absolute value rounded to two decimal places.) We can conclude that the demand for Willie's widgets...
The price elasticity of demand is equal to the percentage change in price divided by the percentage change...
The price elasticity of demand is equal to the percentage change in price divided by the percentage change in quantity demanded the change in quantity demanded divided by the change in price. the value of the slope of the demand curve. the percentage change in quantity demanded divided by the percentage change in price If 20 units are sold at a price of US$50 and 30 units are sold at a price of US$40, what is the absolute value of...
1. The demand for petrolies from 500 600 when the price of a particular or is...
1. The demand for petrolies from 500 600 when the price of a particular or is reduced from $375 to $330. Then s tico demand for good 2 in the above and petrole a) Subat good Complemer Interior goods Superior goods Answer Questions 3-6 based on the information v il in the following OM T ost (TC) Tod o in the above 4. Marginal cost of producing units of output 5. The average variable cost of producing the units of...
33. A product that has a negative income elasticity of demand is a. a complement good....
33. A product that has a negative income elasticity of demand is a. a complement good. b. a normal good. c. a substitute good d. an inferior good. Suppose the Chicago Enforcers football team increases ticket prices by 10 percent and as a result the quantity of tickets demanded decreases by 7 percent. This response means that the demand for Enforcers tickets is a. unit clastic. b. elastic c. perfectly elastic. d. inelastic. 34. 35. When a market reaches allocative...
Question 23 (1 point) Last month, sellers of good Y took in $150 and sold 50 units of good Y. This month sellers of good Y raised their price, took in $160 and sold 40 units of good Y. At the same time, the price of good X stayed the same, but sales of good X increased from 20 units to 40 units. What can we conclude about goods X and Y? They are substitutes and have a cross-price elasticity...
Willie's widgets currently sell for $17 each. At that price, Willie has sold 39,000 widgets. Willie would like to maximize his revenue, so he raises the price of a widget to $20 each. Willie has seen the sales of his widgets drop only slightly to 37,000. Using the initial-value method, the price elasticity of demand for Willie's widgets is (Enter your response as an absolute value rounded to two decimal places.) We can conclude that the demand for Willie's widgets...
13. If the quantity of a good sold varies greatly from small changes in the price, we say that good is: A) highly inelastic. B) unitary elastic. C) not elastic. D) highly elastic. 14. A product's price changes from $2 to $6 and its quantity demanded changes from 10 to 4 units. This is an example of price: A) inelastic demand. B) elastic demand. C) unitarily elastic demand. D) inelastic supply. 13. Which of the following is a possible measurement...
17. In perfect competition, the marginal revenue of a firm always equals: A) product price. B) total revenue. average total cost. D) marginal cost. 22. If the supply of product X is perfectly elastic, an increase in the demand for it will increase: A) equilibrium quantity but reduce equilibrium price. B) equilibrium quantity but equilibrium price will be unchanged. equilibrium price but reduce equilibrium quantity. equilibrium price but equilibrium quantity will be unchanged. 24. The main sources for the fluctuation...
The price elasticity of demand is equal to the percentage change in price divided by the percentage change in quantity demanded the change in quantity demanded divided by the change in price. the value of the slope of the demand curve. the percentage change in quantity demanded divided by the percentage change in price If 20 units are sold at a price of US$50 and 30 units are sold at a price of US$40, what is the absolute value of...
1. The demand for petrolies from 500 600 when the price of a particular or is reduced from $375 to $330. Then s tico demand for good 2 in the above and petrole a) Subat good Complemer Interior goods Superior goods Answer Questions 3-6 based on the information v il in the following OM T ost (TC) Tod o in the above 4. Marginal cost of producing units of output 5. The average variable cost of producing the units of...
33. A product that has a negative income elasticity of demand is a. a complement good. b. a normal good. c. a substitute good d. an inferior good. Suppose the Chicago Enforcers football team increases ticket prices by 10 percent and as a result the quantity of tickets demanded decreases by 7 percent. This response means that the demand for Enforcers tickets is a. unit clastic. b. elastic c. perfectly elastic. d. inelastic. 34. 35. When a market reaches allocative...
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