Question

have been informed that the price is less than 1. To increase total revenues, 9. You are the sales manager for a software company elasticity of demand for your most anular software is less than you should: A. Increase the price of the software B. Decrease the price of the software C. Hold the price of the software constant D. Increase the supply of the software 10. Which of the following factors will make the demand for a product relates A. There are few substitutes B. The time interval considered is long C. The good is considered a necessity D. Purchases of the good require a small portion of consumers' budgets 11. A state government wants to increase the taxes on cigarettes to increase tax revenue. This would only be effective in raising new tax revenues if the price elasticity of demand 15: A. Unity B. Elastic C. Inelastic D. Perfectly elastic 12. A union argues that a price cut will boost the revenues of the firm, while management argues that the opposite is true. This suggests that the price elasticity of demand is: A. Unit-elastic from the union's perspective and unit-inelastic from management's perspective B. Perfectly inelastic from the union's perspective and perfectly elastic from management's perspective C. Elastic from the union's perspective; inelastic from management's perspective D. Inelastic from the union's perspective; elastic from management's perspective 13. Suppose the price elasticity of supply for crude oil is 2.5. How much would price have to ri to increase production by 20 percent? A. 8 percent B. 12.5 percent C. 20 percent D. 45 percent

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Answer 1

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