Homework Answers
10. Inelastic
Reason: Demand is said to be inelastic when there are fewer substitutes or close options available to chose from
11. Inelastic
Reason: Demand curve is inelastic as changes in price is leading to less than proptionate change in quantity demanded
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The answer for 10 and 11
10. When consumers have fewer close substitutes for a good,...
9. When producers find it easy to acquire inputs for the production process, supply is likely...
9. When producers find it easy to acquire inputs for the production process, supply is likely to be more: A. Elastic B. Inelastic C.Unit elastic D. Can't say for sure 10. When consumers have fewer close substitutes for a good, demand is likely to be more: A. Elastic B. Inelastic C.Unit elastic D. Can't say for sure FIGURE #2 acha BUnakity 11. {Refer to Figure 2 above. As shown, demand is likely to be: A. Perfectly elastic B. Inelastic C....
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.
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...
Question 17 When there few close substitutes available for a good, demand tends to be Operfectly...
Question 17 When there few close substitutes available for a good, demand tends to be Operfectly inelastic. relatively inelastic. relatively elastic perfectly elastic. Question 18 1 points Save Answer In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information supgests that the cross-price elasticity between new cars and used cars, and the cross-price elasticity between new cars...
At a price of $5, consumers buy 200 units of good X. When the price falls...
At a price of $5, consumers buy 200 units of good X. When the price falls to $4, quantity demanded increases to 250 units. We can conclude that over this range, demand is: a. elastic. b. unit elastic. c. inelastic. d. perfectly inelastic.
answer it Immediately please?? it) When the price of a good decreased by 10%, the quantity...
answer it Immediately please??
it) When the price of a good decreased by 10%, the quantity demanded increased by 30%. (Note: this question is not related to parti). a. Is the demand for this good elastic, unit elastic, or inelastic? Show calculations. b. Are substitutes for this good easy to find or does it have poor substitutes? Is it more likely to be a luxury or necessity? Explain. c. Based on the elasticity explain how total revenue has changed.
QUESTION 7 Refer to the accompanying figure. The equilibrium price is and the equilibrium quantity is...
QUESTION 7 Refer to the accompanying figure. The equilibrium price is and the equilibrium quantity is a. $4; 6 b.$6; 4 OC $2;8 d. $8; 6 QUESTION 8 The demand for a good is elastic if the price elasticity of demand is: a. equal to one b.equal to zero greater than one d.less than one QUESTION 9 If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then demand for textbooks is: a....
If the quantity demanded of juice decreased by 15% when the price of juice increased by...
If the quantity demanded of juice decreased by 15% when the price of juice increased by 10%, the price elasticity of demand for juice is , and the demand for juice is said to be 2/3: elastic c. 3/2; elastic b. 2/3: inelastic d. 3/2; inelastic If the absolute value of the price elasticity of demand for milk is equal to 0.6, the demand for milk is: a relatively elastic. C. relatively inelastic, b. unit elastic. d. perfectly inelastic, demand...
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...
Principles of Economics Multiple choice short answer plz 15. Goods with many close substitutes tend to...
Principles of Economics Multiple choice short answer plz
15. Goods with many close substitutes tend to have a more elastic demands b. less elastic demands c price elasticities of demand that are unit elastic d. income elasticities of demand that are negative. 16. If the price elasticity of demand for a good is 4.0, then a 10 percent increase in price results in a a. 0.4 percent decrease in the quantity demanded. b. 2.5 percent decrease in the quantity demanded...
9. When producers find it easy to acquire inputs for the production process, supply is likely to be more: A. Elastic B. Inelastic C.Unit elastic D. Can't say for sure 10. When consumers have fewer close substitutes for a good, demand is likely to be more: A. Elastic B. Inelastic C.Unit elastic D. Can't say for sure FIGURE #2 acha BUnakity 11. {Refer to Figure 2 above. As shown, demand is likely to be: A. Perfectly elastic B. Inelastic C....
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.
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...
Question 17 When there few close substitutes available for a good, demand tends to be Operfectly inelastic. relatively inelastic. relatively elastic perfectly elastic. Question 18 1 points Save Answer In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel. This information supgests that the cross-price elasticity between new cars and used cars, and the cross-price elasticity between new cars...
answer it Immediately please??
it) When the price of a good decreased by 10%, the quantity demanded increased by 30%. (Note: this question is not related to parti). a. Is the demand for this good elastic, unit elastic, or inelastic? Show calculations. b. Are substitutes for this good easy to find or does it have poor substitutes? Is it more likely to be a luxury or necessity? Explain. c. Based on the elasticity explain how total revenue has changed.
QUESTION 7 Refer to the accompanying figure. The equilibrium price is and the equilibrium quantity is a. $4; 6 b.$6; 4 OC $2;8 d. $8; 6 QUESTION 8 The demand for a good is elastic if the price elasticity of demand is: a. equal to one b.equal to zero greater than one d.less than one QUESTION 9 If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then demand for textbooks is: a....
If the quantity demanded of juice decreased by 15% when the price of juice increased by 10%, the price elasticity of demand for juice is , and the demand for juice is said to be 2/3: elastic c. 3/2; elastic b. 2/3: inelastic d. 3/2; inelastic If the absolute value of the price elasticity of demand for milk is equal to 0.6, the demand for milk is: a relatively elastic. C. relatively inelastic, b. unit elastic. d. perfectly inelastic, demand...
Principles of Economics Multiple choice short answer plz
15. Goods with many close substitutes tend to have a more elastic demands b. less elastic demands c price elasticities of demand that are unit elastic d. income elasticities of demand that are negative. 16. If the price elasticity of demand for a good is 4.0, then a 10 percent increase in price results in a a. 0.4 percent decrease in the quantity demanded. b. 2.5 percent decrease in the quantity demanded...
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