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Homework answers / question archive / Strayer university ECO 100 1)The price elasticity of demand reflects the responsiveness? of: A

Strayer university ECO 100 1)The price elasticity of demand reflects the responsiveness? of: A

Economics

Strayer university

ECO 100

1)The price elasticity of demand reflects the responsiveness? of:

A.

demand to a change in price of a substitute good.

B.

quantity demanded to a change in price.

Your answer is correct.

C.

firms to changes in demand.

D.

demand to a change in price.

 

2 The price elasticity of demand is calculated? by:

A.

the change in price divided by the change in quantity demanded.

B.

the percentage change in price divided by the percentage change in quantity demanded.

C.

the change in quantity demanded divided by the change in price.

D.

the percentage change in quantity demanded divided by the percentage change in price.

 

3 What is the total revenue of a shoe company equal? to?

A.

the change in quantity sold divided by the change in price

B.

elasticity of demand divided by percentage change in quantity

C.

income minus explicit and implicit costs

D.

price of shoes times quantity sold

 

4 Suppose that you observe that as a TV manufacturer increases its price its total revenue decreases. This could be due? to:

A.

demand being price elastic.

Your answer is correct.

B.

demand being perfectly price inelastic.

C.

demand being price inelastic.

D.

demand being unitary elastic.

 

5 Which of the following characteristics are of a linear demand? curve?

A.

it has a constant elasticity of demand

B.

the upper half of the liner demand curve is inelastic

C.

it has a constant slope

This is the correct answer.

D.

all of the above

 

6 As we move upward along a linear demand? curve, the price elasticity of the demand

A.

decreases.

B.

increases.

Your answer is correct.

C.

remains the same.

D.

increases up to the midpoint and then decreases.

 

7 The demand for a particular good depends on variables such? as:

A.

price of complements.

B.

consumer income.

C.

price of substitutes.

D.

all of the above.

 

8 A good is said to be? "inferior" if:

A.

it has a negative income elasticity of demand.

Your answer is correct.

B.

it is of low quality.

C.

it has many substitutes.

D.

consumers buy less of it at a high price.

 

9 The price elasticity of supply is a measure of the responsiveness? of:

A.

the change in price to the quantity supplied.

Your answer is not correct.

B.

the quantity supplied to the changes in price.

This is the correct answer.

C.

the suppliers with respect to the change in price.

D.

the quantity supplied to the change in income.

 

10 An increase in demand will cause a relatively small increase in price? when:

A.

demand is highly inelastic.

B.

supply is highly elastic.

This is the correct answer.

C.

the increase in demand is large.

D.

all of the above

 

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