Homework Answers
Gas has very few substitutes like electric vehicles.This is the reason why the demand for gas is inelastic in the short run.
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The demand for gasoline in the short run is unit elastic because people tend to consume a stable amount of gasoline...
The demand for gasoline in the short run is O inelastic because there are very few...
The demand for gasoline in the short run is O inelastic because there are very few good substitutes for gasoline. O unit elastic because people tend to consume a stable amount of gasoline per period. o elastic because people can easily switch to public transportation. O perfectly inelastic because people have no choice but to buy gasoline.
Refer to Figure 5-1. A perfectly elastic demand curve is shown in Panel D. Panel A. Panel C...
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
1. In a very poor village there is only 1 food available: rice. People consume 1500...
1. In a very poor village there is only 1 food available: rice. People consume 1500 calories of rice even if the price goes up 1 %. Demand for rice is perfectly: a. Inelastic b. Elastic 2. Brand wars are very competitive because brands are close substitutes. As a result, demand for brands in a brand war tend to be very: a. Elastic b. Inelastic 3. There are very few substitutes for vegetables as a whole. As a result, if...
Demand is more elastic: a. in the short run than in the long run. b. for...
Demand is more elastic: a. in the short run than in the long run. b. for goods with many substitutes than for goods with only a few. c. for goods with no substitutes. d. for necessities than for luxuries. e. for broadly defined goods than for narrowly defined ones. All other things constant, if a _____ proportion of a consumer’s budget is spent on a good, the demand for the good will be more _____ and a consumer will purchase...
Determinants of the price elasticity of demand Consider some determinants of the price elasticity of...
Determinants of the price elasticity of demand Consider some determinants of the price elasticity of demand: The availability of close substitutes . Whether the good is a necessity or a luxury How broadly you define the market . The time horizon being considered A good with many close substitutes is likely to have relatively _______ demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises A good's price elasticity of demand depends in part on how necessary...
All else equal, consumer demand for a good will be more elastic in the short run...
All else equal, consumer demand for a good will be more elastic in the short run than in the long run. True False D Question 4 10 pts Food and drink purchased inside an airport or concert have higher prices than food and drink elsewhere because when consumers are in these locations demand is more (elastic, inelastic). When this is the case. sellers can earn more revenue by charging (higher, lower) prices. The reason that prices in these locations aren't...
9.The more time people have to adjust to a price change, A.the less elastic their demand...
9.The more time people have to adjust to a price change, A.the less elastic their demand will be. B. will not affect the elasticity of their response, unless the good in question is a luxury good. C.the more elastic their demand will be. D.will not affect the elasticity of their response, unless the good in question is a necessity. 10.When a good has many close substitutes available, its demand is likely to be A.less price elastic than for goods without...
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...
The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classif...
The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury. True False of the following, which is the best example of good with a perfectly inelastic demand? the demand for a college education by a student who has a full scholarship to an Ivy League school a diabetic's demand for insulin the demand for gasoline the demand for tickets in New York City when the Mets or Yankees are...
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...
The demand for gasoline in the short run is O inelastic because there are very few good substitutes for gasoline. O unit elastic because people tend to consume a stable amount of gasoline per period. o elastic because people can easily switch to public transportation. O perfectly inelastic because people have no choice but to buy gasoline.
Refer to Figure 5-1. A perfectly elastic demand curve is shown
in
Panel D.
Panel A.
Panel C.
Panel B.
Refer to Figure 5-5. The data in the diagram indicates that
DVDs
are luxury goods.
are both luxury goods and price inelastic goods.
are price inelastic goods.
are both necessities and price inelastic goods.
are necessities.
3-
Consider the following pairs of items:
a. shampoo and conditioner
b. iPhones and earbuds
c. a laptop computer and a desktop computer
d....
1. In a very poor village there is only 1 food available: rice. People consume 1500 calories of rice even if the price goes up 1 %. Demand for rice is perfectly: a. Inelastic b. Elastic 2. Brand wars are very competitive because brands are close substitutes. As a result, demand for brands in a brand war tend to be very: a. Elastic b. Inelastic 3. There are very few substitutes for vegetables as a whole. As a result, if...
All else equal, consumer demand for a good will be more elastic in the short run than in the long run. True False D Question 4 10 pts Food and drink purchased inside an airport or concert have higher prices than food and drink elsewhere because when consumers are in these locations demand is more (elastic, inelastic). When this is the case. sellers can earn more revenue by charging (higher, lower) prices. The reason that prices in these locations aren't...
The absolute value of the price elasticity of demand for telescopes is 1.5. Therefore, telescopes can be classified as a luxury. True False of the following, which is the best example of good with a perfectly inelastic demand? the demand for a college education by a student who has a full scholarship to an Ivy League school a diabetic's demand for insulin the demand for gasoline the demand for tickets in New York City when the Mets or Yankees are...
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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