Deck 6: Elasticity and Demand

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سؤال
Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the questions.


<strong>Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the  questions.      -The maximum possible total revenue is $_________.</strong> A) 10,500 B) 11,000 C) 11,500 D) 12,000 E) 12,500 <div style=padding-top: 35px>

-The maximum possible total revenue is $_________.

A) 10,500
B) 11,000
C) 11,500
D) 12,000
E) 12,500
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سؤال
refer to the following figure:
<strong>refer to the following figure:    -In the figure above, what is the point price elasticity of demand when price is $80?</strong> A) -0.50 B) -0.75 C) -1.00 D) -1.60 E) -2.00 <div style=padding-top: 35px>

-In the figure above, what is the point price elasticity of demand when price is $80?

A) -0.50
B) -0.75
C) -1.00
D) -1.60
E) -2.00
سؤال
refer to the following figure:
<strong>refer to the following figure:    -In the figure above, what is the point price elasticity of demand when price is $40?</strong> A) -0.50 B) -0.75 C) -1.00 D) -1.50 E) -2.00 <div style=padding-top: 35px>

-In the figure above, what is the point price elasticity of demand when price is $40?

A) -0.50
B) -0.75
C) -1.00
D) -1.50
E) -2.00
سؤال
refer to the following figure:
<strong>refer to the following figure:    -What is demand elasticity over the price range $40 to $60?</strong> A) -2.00 B) -1.00 C) -0.50 D) -0.95 E) -0.71 <div style=padding-top: 35px>

-What is demand elasticity over the price range $40 to $60?

A) -2.00
B) -1.00
C) -0.50
D) -0.95
E) -0.71
سؤال
Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:
<strong>Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:  </strong> A) -0.10 B) -1.10 C) 0.1818 D) 0.20 E) 1.10 <div style=padding-top: 35px>

A) -0.10
B) -1.10
C) 0.1818
D) 0.20
E) 1.10
سؤال
Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:
<strong>Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:   </strong> A) -1.0 B) -0.1818 C) 0.1818 D) -1.5 E) 1.2 <div style=padding-top: 35px>

A) -1.0
B) -0.1818
C) 0.1818
D) -1.5
E) 1.2
سؤال
Use the figure below to calculate the cross-price elasticity of demand for good X when the price of good Y increases from $12 to $14:
<strong>Use the figure below to calculate the cross-price elasticity of demand for good X when the price of good Y increases from $12 to $14:  </strong> A) 0.645 B) 0.42 C) 0.20 D) 2.00 E) 15.38 <div style=padding-top: 35px>

A) 0.645
B) 0.42
C) 0.20
D) 2.00
E) 15.38
سؤال
refer to the following table showing a demand schedule:
<strong>refer to the following table showing a demand schedule:    -If price falls from $200 to $150, what is the elasticity of demand over this range?</strong> A) -0.625 B) -1.0 C) -1.17 D) -2.5 E) -3.0 <div style=padding-top: 35px>

-If price falls from $200 to $150, what is the elasticity of demand over this range?

A) -0.625
B) -1.0
C) -1.17
D) -2.5
E) -3.0
سؤال
refer to the following table showing a demand schedule:
<strong>refer to the following table showing a demand schedule:    -If price falls from $150 to $100, what is the elasticity of demand over this range?</strong> A) -0.625 B) -1.0 C) -1.17 D) -2.5 E) -3.0 <div style=padding-top: 35px>

-If price falls from $150 to $100, what is the elasticity of demand over this range?

A) -0.625
B) -1.0
C) -1.17
D) -2.5
E) -3.0
سؤال
refer to the following table showing a demand schedule:
<strong>refer to the following table showing a demand schedule:    -When the price of corn dogs is $0.50, 10,000 corn dogs are demanded. When the price of corn dogs is $1.20, 5,000 are demanded. What is the price elasticity of demand for corn dogs?</strong> A) -0.40 B) -0.81 C) -1.20 D) -1.40 <div style=padding-top: 35px>

-When the price of corn dogs is $0.50, 10,000 corn dogs are demanded. When the price of corn dogs is $1.20, 5,000 are demanded. What is the price elasticity of demand for corn dogs?

A) -0.40
B) -0.81
C) -1.20
D) -1.40
سؤال
If the price elasticity of DVD recorders is -0.3 and price increases 20%, what happens to the quantity of DVD recorders demanded?

A) quantity decreases by 26%
B) quantity decreases by 6.5%
C) quantity increases by 15%
D) quantity increases by 21%
سؤال
E1 is demand elasticity for Minute Maid orange juice, E2 is demand elasticity for all orange juice, and E3 is demand elasticity for all fruit drinks. Then

A) |E1| > |E2| > |E3|
B) |E2| > |E3| > |E1|
C) |E3| > |E1| > |E2|
D) |E3| > |E2| > |E1|
سؤال
refer to the following graph:
<strong>refer to the following graph:    -The price elasticity of demand over the price interval $90 to $110 is</strong> A) -0.5 B) -1.0 C) -1.5 D) -2.0 E) -0.4 <div style=padding-top: 35px>

-The price elasticity of demand over the price interval $90 to $110 is

A) -0.5
B) -1.0
C) -1.5
D) -2.0
E) -0.4
سؤال
refer to the following figure:
? <strong>refer to the following figure: ?    -Marginal revenue is zero at Q = ________.</strong> A) 1,000 units B) 2,000 units C) 3,000 units D) 4,000 units E) none of the above <div style=padding-top: 35px>

-Marginal revenue is zero at Q = ________.

A) 1,000 units
B) 2,000 units
C) 3,000 units
D) 4,000 units
E) none of the above
سؤال
Suppose the demand for good X is
https://d2lvgg3v3hfg70.cloudfront.net/TB10434/<strong>Suppose the demand for good X is https://d2lvgg3v3hfg70.cloudfront.net/TB10434/ .This demand curve has a ________ (constant, variable) elasticity of demand equal to ________.</strong> A) variable; -0.5 B) constant; -0.2 C) constant; -1 D) variable; -2 <div style=padding-top: 35px> .This demand curve has a ________ (constant, variable) elasticity of demand equal to ________.

A) variable; -0.5
B) constant; -0.2
C) constant; -1
D) variable; -2
سؤال
The price elasticity of demand for a firm's product is -2.25 over the range of prices being considered by the firm's manager.

-If the manager increases the price of the product by 8 percent, the manager predicts that quantity demanded will _____________ by _______ percent.
سؤال
The price elasticity of demand for a firm's product is -2.25 over the range of prices being considered by the firm's manager.

-If the manager wishes to increase sales by 25 percent, the manager predicts the price of the product must be _____________ by _______ percent.
سؤال
Fill in the blanks.
-When demand is inelastic, the __________ effect dominates the __________ effect.
سؤال
Fill in the blanks.
-When demand is elastic, the __________ effect dominates the __________ effect.
سؤال
Fill in the blanks.
-When demand is unitary elastic, ___________ effect dominates.
سؤال
Fill in the blanks.
-When a change in price causes a change in quantity demanded, total revenue always moves in the ____________ direction as the variable (P or Q) having the _____________ effect.
سؤال
Fill in the blanks.
-When demand is elastic, a decrease in price causes quantity demanded to ___________ and total revenue to ________.
سؤال
Fill in the blanks.
-When demand is inelastic, an increase in price causes quantity demanded to __________ and total revenue to _________.
سؤال
Fill in the blanks.
-When demand is unitary elastic, an increase in price causes quantity demanded to _________________ and total revenue to ___________________.
سؤال
Fill in the blanks.
-If price falls and total revenue rises, demand must be _____________________.
سؤال
Fill in the blanks.
-If price rises and total revenue stays the same, demand must be ____________________.
سؤال
Fill in the blanks.
-If price rises and total revenue rises, demand must be _____________________.
سؤال
Use the figure below to answer the following questions:
Use the figure below to answer the following questions:   -The elasticity of demand over the price interval $11 to $10 is __________.<div style=padding-top: 35px>
-The elasticity of demand over the price interval $11 to $10 is __________.
سؤال
Use the figure below to answer the following questions:
Use the figure below to answer the following questions:   -The elasticity of demand over the price interval $7 to $5 is __________.<div style=padding-top: 35px>
-The elasticity of demand over the price interval $7 to $5 is __________.
سؤال
Use the figure below to answer the following questions:
Use the figure below to answer the following questions:   -The elasticity of demand over the price interval $5 to $3 is __________.<div style=padding-top: 35px>
-The elasticity of demand over the price interval $5 to $3 is __________.
سؤال
Use the linear demand curve shown below to answer the following questions.
Use the linear demand curve shown below to answer the following questions.   The point elasticity of demand at a price of $650 is _________. -The point elasticity of demand at a price	 of $650 is _________.<div style=padding-top: 35px> The point elasticity of demand at a price of $650 is _________.
-The point elasticity of demand at a price of $650 is _________.
سؤال
Use the linear demand curve shown below to answer the following questions.
Use the linear demand curve shown below to answer the following questions.   The point elasticity of demand at a price of $650 is _________. -The point elasticity of demand at a price of $220 is _________.<div style=padding-top: 35px> The point elasticity of demand at a price of $650 is _________.
-The point elasticity of demand at a price of $220 is _________.
سؤال
Use the linear demand curve shown below to answer the following questions.
Use the linear demand curve shown below to answer the following questions.   The point elasticity of demand at a price of $650 is _________. -Demand is unitary elastic at a price of $_________.<div style=padding-top: 35px> The point elasticity of demand at a price of $650 is _________.
-Demand is unitary elastic at a price of $_________.
سؤال
Use the linear demand curve shown below to answer the following questions.
Use the linear demand curve shown below to answer the following questions.   The point elasticity of demand at a price of $650 is _________. -As price falls, |E| __________________ (gets larger, gets smaller, stays the same) for a linear demand curve.<div style=padding-top: 35px> The point elasticity of demand at a price of $650 is _________.
-As price falls, |E| __________________ (gets larger, gets smaller, stays the same) for a linear demand curve.
سؤال
In the graph shown below, the demand for good X shifts due to a change in income. Holding the price of good X constant at $200, answer the following questions:
In the graph shown below, the demand for good X shifts due to a change in income. Holding the price of good X constant at $200, answer the following questions:   -The graph shows how the demand for X shifts when income decreases from $45,000 to $42,000. Using the information in the graph, the income elasticity of demand for X is calculated to be _________.<div style=padding-top: 35px>
-The graph shows how the demand
for X shifts when income decreases from $45,000 to $42,000. Using the information in the graph, the income elasticity of demand for X is calculated to be _________.
سؤال
In the graph shown below, the demand for good X shifts due to a change in income. Holding the price of good X constant at $200, answer the following questions:
In the graph shown below, the demand for good X shifts due to a change in income. Holding the price of good X constant at $200, answer the following questions:   -Good X is a ____________good.<div style=padding-top: 35px>
-Good X is a ____________good.
سؤال
In the graph shown below, the demand for good X shifts due to a change in the price of a related good Y. Holding the price of good X constant at $200, answer the following questions:
In the graph shown below, the demand for good X shifts due to a change in the price of a related good Y. Holding the price of good X constant at $200, answer the following questions:   -The graph shows how the demand for X shifts when the price of related good Y decreases from $120 to $100. Using the information in the graph, the cross-price elasticity of demand for X and Y is calculated to be _________.<div style=padding-top: 35px>
-The graph shows how the demand for X shifts when the price of related good Y decreases from $120 to $100. Using the information in the graph, the cross-price elasticity of
demand for X and Y is calculated to be _________.
سؤال
In the graph shown below, the demand for good X shifts due to a change in the price of a related good Y. Holding the price of good X constant at $200, answer the following questions:
In the graph shown below, the demand for good X shifts due to a change in the price of a related good Y. Holding the price of good X constant at $200, answer the following questions:   -Goods X and Y are ________________.<div style=padding-top: 35px>
-Goods X and Y are ________________.
سؤال
Using the following demand schedule, calculate total revenue, marginal revenue, and price elasticity of demand. Then show the relation among marginal revenue, price, and elasticity of demand.
Using the following demand schedule, calculate total revenue, marginal revenue, and price elasticity of demand. Then show the relation among marginal revenue, price, and elasticity of demand.  <div style=padding-top: 35px>
سؤال
Use the graph below to answer the following questions:
Use the graph below to answer the following questions:   -The elasticity of demand at a price of $12 is _________.<div style=padding-top: 35px>
-The elasticity of demand at a price of $12 is _________.
سؤال
Use the graph below to answer the following questions:
Use the graph below to answer the following questions:   -The elasticity of demand at a price of $4 is _________.<div style=padding-top: 35px>
-The elasticity of demand at a price of $4 is _________.
سؤال
Use the graph below to answer the following questions:
Use the graph below to answer the following questions:   -At point A, if price increases by a small amount, total revenue _____________ (rises, falls, remains constant), and marginal revenue is __________________ (positive, negative, zero).<div style=padding-top: 35px>
-At point A, if price increases by a small amount, total revenue _____________ (rises, falls, remains constant), and marginal revenue is __________________ (positive, negative, zero).
سؤال
Use the graph below to answer the following questions:
Use the graph below to answer the following questions:   -At point B, if price decreases by a small amount, total revenue _____________ (rises, falls, remains constant), and marginal revenue is _______________ (positive, negative, zero).<div style=padding-top: 35px>
-At point B, if price decreases by a small amount, total revenue _____________ (rises, falls, remains constant), and marginal revenue is _______________ (positive, negative, zero).
سؤال
Fill in the blanks in the figure below:
a. ________
b. ________
c. ________
d. ________
e. ________
f. ________
g. ________
h. ________
Fill in the blanks in the figure below: a. ________ b. ________ c. ________ d. ________ e. ________ f. ________ g. ________ h. ________ ‪  <div style=padding-top: 35px>
سؤال
Boeing estimates the elasticity of demand for new commercial jets is -1.25. Explain why the following statements are either true or false (i.e., state whether true or false and explain why.)

-"The price effect dominates the quantity effect."
سؤال
Boeing estimates the elasticity of demand for new commercial jets is -1.25. Explain why the following statements are either true or false (i.e., state whether true or false and explain why.)

-"A 4 percent increase in the number of jets sold will require a 5 percent decrease in the price of jets."
سؤال
Boeing estimates the elasticity of demand for new commercial jets is -1.25. Explain why the following statements are either true or false (i.e., state whether true or false and explain why.)

-"A 5 percent decrease in the price of jets will increase Boeing's total revenue."
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ملء الشاشة (f)
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Deck 6: Elasticity and Demand
1
Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the questions.


<strong>Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the  questions.      -The maximum possible total revenue is $_________.</strong> A) 10,500 B) 11,000 C) 11,500 D) 12,000 E) 12,500

-The maximum possible total revenue is $_________.

A) 10,500
B) 11,000
C) 11,500
D) 12,000
E) 12,500
12,500
2
refer to the following figure:
<strong>refer to the following figure:    -In the figure above, what is the point price elasticity of demand when price is $80?</strong> A) -0.50 B) -0.75 C) -1.00 D) -1.60 E) -2.00

-In the figure above, what is the point price elasticity of demand when price is $80?

A) -0.50
B) -0.75
C) -1.00
D) -1.60
E) -2.00
-2.00
3
refer to the following figure:
<strong>refer to the following figure:    -In the figure above, what is the point price elasticity of demand when price is $40?</strong> A) -0.50 B) -0.75 C) -1.00 D) -1.50 E) -2.00

-In the figure above, what is the point price elasticity of demand when price is $40?

A) -0.50
B) -0.75
C) -1.00
D) -1.50
E) -2.00
-0.50
4
refer to the following figure:
<strong>refer to the following figure:    -What is demand elasticity over the price range $40 to $60?</strong> A) -2.00 B) -1.00 C) -0.50 D) -0.95 E) -0.71

-What is demand elasticity over the price range $40 to $60?

A) -2.00
B) -1.00
C) -0.50
D) -0.95
E) -0.71
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5
Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:
<strong>Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:  </strong> A) -0.10 B) -1.10 C) 0.1818 D) 0.20 E) 1.10

A) -0.10
B) -1.10
C) 0.1818
D) 0.20
E) 1.10
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6
Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:
<strong>Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:   </strong> A) -1.0 B) -0.1818 C) 0.1818 D) -1.5 E) 1.2

A) -1.0
B) -0.1818
C) 0.1818
D) -1.5
E) 1.2
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7
Use the figure below to calculate the cross-price elasticity of demand for good X when the price of good Y increases from $12 to $14:
<strong>Use the figure below to calculate the cross-price elasticity of demand for good X when the price of good Y increases from $12 to $14:  </strong> A) 0.645 B) 0.42 C) 0.20 D) 2.00 E) 15.38

A) 0.645
B) 0.42
C) 0.20
D) 2.00
E) 15.38
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8
refer to the following table showing a demand schedule:
<strong>refer to the following table showing a demand schedule:    -If price falls from $200 to $150, what is the elasticity of demand over this range?</strong> A) -0.625 B) -1.0 C) -1.17 D) -2.5 E) -3.0

-If price falls from $200 to $150, what is the elasticity of demand over this range?

A) -0.625
B) -1.0
C) -1.17
D) -2.5
E) -3.0
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9
refer to the following table showing a demand schedule:
<strong>refer to the following table showing a demand schedule:    -If price falls from $150 to $100, what is the elasticity of demand over this range?</strong> A) -0.625 B) -1.0 C) -1.17 D) -2.5 E) -3.0

-If price falls from $150 to $100, what is the elasticity of demand over this range?

A) -0.625
B) -1.0
C) -1.17
D) -2.5
E) -3.0
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10
refer to the following table showing a demand schedule:
<strong>refer to the following table showing a demand schedule:    -When the price of corn dogs is $0.50, 10,000 corn dogs are demanded. When the price of corn dogs is $1.20, 5,000 are demanded. What is the price elasticity of demand for corn dogs?</strong> A) -0.40 B) -0.81 C) -1.20 D) -1.40

-When the price of corn dogs is $0.50, 10,000 corn dogs are demanded. When the price of corn dogs is $1.20, 5,000 are demanded. What is the price elasticity of demand for corn dogs?

A) -0.40
B) -0.81
C) -1.20
D) -1.40
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11
If the price elasticity of DVD recorders is -0.3 and price increases 20%, what happens to the quantity of DVD recorders demanded?

A) quantity decreases by 26%
B) quantity decreases by 6.5%
C) quantity increases by 15%
D) quantity increases by 21%
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12
E1 is demand elasticity for Minute Maid orange juice, E2 is demand elasticity for all orange juice, and E3 is demand elasticity for all fruit drinks. Then

A) |E1| > |E2| > |E3|
B) |E2| > |E3| > |E1|
C) |E3| > |E1| > |E2|
D) |E3| > |E2| > |E1|
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13
refer to the following graph:
<strong>refer to the following graph:    -The price elasticity of demand over the price interval $90 to $110 is</strong> A) -0.5 B) -1.0 C) -1.5 D) -2.0 E) -0.4

-The price elasticity of demand over the price interval $90 to $110 is

A) -0.5
B) -1.0
C) -1.5
D) -2.0
E) -0.4
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14
refer to the following figure:
? <strong>refer to the following figure: ?    -Marginal revenue is zero at Q = ________.</strong> A) 1,000 units B) 2,000 units C) 3,000 units D) 4,000 units E) none of the above

-Marginal revenue is zero at Q = ________.

A) 1,000 units
B) 2,000 units
C) 3,000 units
D) 4,000 units
E) none of the above
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15
Suppose the demand for good X is
https://d2lvgg3v3hfg70.cloudfront.net/TB10434/<strong>Suppose the demand for good X is https://d2lvgg3v3hfg70.cloudfront.net/TB10434/ .This demand curve has a ________ (constant, variable) elasticity of demand equal to ________.</strong> A) variable; -0.5 B) constant; -0.2 C) constant; -1 D) variable; -2 .This demand curve has a ________ (constant, variable) elasticity of demand equal to ________.

A) variable; -0.5
B) constant; -0.2
C) constant; -1
D) variable; -2
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16
The price elasticity of demand for a firm's product is -2.25 over the range of prices being considered by the firm's manager.

-If the manager increases the price of the product by 8 percent, the manager predicts that quantity demanded will _____________ by _______ percent.
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17
The price elasticity of demand for a firm's product is -2.25 over the range of prices being considered by the firm's manager.

-If the manager wishes to increase sales by 25 percent, the manager predicts the price of the product must be _____________ by _______ percent.
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18
Fill in the blanks.
-When demand is inelastic, the __________ effect dominates the __________ effect.
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19
Fill in the blanks.
-When demand is elastic, the __________ effect dominates the __________ effect.
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20
Fill in the blanks.
-When demand is unitary elastic, ___________ effect dominates.
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21
Fill in the blanks.
-When a change in price causes a change in quantity demanded, total revenue always moves in the ____________ direction as the variable (P or Q) having the _____________ effect.
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22
Fill in the blanks.
-When demand is elastic, a decrease in price causes quantity demanded to ___________ and total revenue to ________.
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23
Fill in the blanks.
-When demand is inelastic, an increase in price causes quantity demanded to __________ and total revenue to _________.
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24
Fill in the blanks.
-When demand is unitary elastic, an increase in price causes quantity demanded to _________________ and total revenue to ___________________.
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25
Fill in the blanks.
-If price falls and total revenue rises, demand must be _____________________.
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26
Fill in the blanks.
-If price rises and total revenue stays the same, demand must be ____________________.
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27
Fill in the blanks.
-If price rises and total revenue rises, demand must be _____________________.
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28
Use the figure below to answer the following questions:
Use the figure below to answer the following questions:   -The elasticity of demand over the price interval $11 to $10 is __________.
-The elasticity of demand over the price interval $11 to $10 is __________.
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29
Use the figure below to answer the following questions:
Use the figure below to answer the following questions:   -The elasticity of demand over the price interval $7 to $5 is __________.
-The elasticity of demand over the price interval $7 to $5 is __________.
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30
Use the figure below to answer the following questions:
Use the figure below to answer the following questions:   -The elasticity of demand over the price interval $5 to $3 is __________.
-The elasticity of demand over the price interval $5 to $3 is __________.
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31
Use the linear demand curve shown below to answer the following questions.
Use the linear demand curve shown below to answer the following questions.   The point elasticity of demand at a price of $650 is _________. -The point elasticity of demand at a price	 of $650 is _________. The point elasticity of demand at a price of $650 is _________.
-The point elasticity of demand at a price of $650 is _________.
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32
Use the linear demand curve shown below to answer the following questions.
Use the linear demand curve shown below to answer the following questions.   The point elasticity of demand at a price of $650 is _________. -The point elasticity of demand at a price of $220 is _________. The point elasticity of demand at a price of $650 is _________.
-The point elasticity of demand at a price of $220 is _________.
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33
Use the linear demand curve shown below to answer the following questions.
Use the linear demand curve shown below to answer the following questions.   The point elasticity of demand at a price of $650 is _________. -Demand is unitary elastic at a price of $_________. The point elasticity of demand at a price of $650 is _________.
-Demand is unitary elastic at a price of $_________.
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34
Use the linear demand curve shown below to answer the following questions.
Use the linear demand curve shown below to answer the following questions.   The point elasticity of demand at a price of $650 is _________. -As price falls, |E| __________________ (gets larger, gets smaller, stays the same) for a linear demand curve. The point elasticity of demand at a price of $650 is _________.
-As price falls, |E| __________________ (gets larger, gets smaller, stays the same) for a linear demand curve.
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35
In the graph shown below, the demand for good X shifts due to a change in income. Holding the price of good X constant at $200, answer the following questions:
In the graph shown below, the demand for good X shifts due to a change in income. Holding the price of good X constant at $200, answer the following questions:   -The graph shows how the demand for X shifts when income decreases from $45,000 to $42,000. Using the information in the graph, the income elasticity of demand for X is calculated to be _________.
-The graph shows how the demand
for X shifts when income decreases from $45,000 to $42,000. Using the information in the graph, the income elasticity of demand for X is calculated to be _________.
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36
In the graph shown below, the demand for good X shifts due to a change in income. Holding the price of good X constant at $200, answer the following questions:
In the graph shown below, the demand for good X shifts due to a change in income. Holding the price of good X constant at $200, answer the following questions:   -Good X is a ____________good.
-Good X is a ____________good.
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37
In the graph shown below, the demand for good X shifts due to a change in the price of a related good Y. Holding the price of good X constant at $200, answer the following questions:
In the graph shown below, the demand for good X shifts due to a change in the price of a related good Y. Holding the price of good X constant at $200, answer the following questions:   -The graph shows how the demand for X shifts when the price of related good Y decreases from $120 to $100. Using the information in the graph, the cross-price elasticity of demand for X and Y is calculated to be _________.
-The graph shows how the demand for X shifts when the price of related good Y decreases from $120 to $100. Using the information in the graph, the cross-price elasticity of
demand for X and Y is calculated to be _________.
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38
In the graph shown below, the demand for good X shifts due to a change in the price of a related good Y. Holding the price of good X constant at $200, answer the following questions:
In the graph shown below, the demand for good X shifts due to a change in the price of a related good Y. Holding the price of good X constant at $200, answer the following questions:   -Goods X and Y are ________________.
-Goods X and Y are ________________.
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39
Using the following demand schedule, calculate total revenue, marginal revenue, and price elasticity of demand. Then show the relation among marginal revenue, price, and elasticity of demand.
Using the following demand schedule, calculate total revenue, marginal revenue, and price elasticity of demand. Then show the relation among marginal revenue, price, and elasticity of demand.
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40
Use the graph below to answer the following questions:
Use the graph below to answer the following questions:   -The elasticity of demand at a price of $12 is _________.
-The elasticity of demand at a price of $12 is _________.
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41
Use the graph below to answer the following questions:
Use the graph below to answer the following questions:   -The elasticity of demand at a price of $4 is _________.
-The elasticity of demand at a price of $4 is _________.
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42
Use the graph below to answer the following questions:
Use the graph below to answer the following questions:   -At point A, if price increases by a small amount, total revenue _____________ (rises, falls, remains constant), and marginal revenue is __________________ (positive, negative, zero).
-At point A, if price increases by a small amount, total revenue _____________ (rises, falls, remains constant), and marginal revenue is __________________ (positive, negative, zero).
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43
Use the graph below to answer the following questions:
Use the graph below to answer the following questions:   -At point B, if price decreases by a small amount, total revenue _____________ (rises, falls, remains constant), and marginal revenue is _______________ (positive, negative, zero).
-At point B, if price decreases by a small amount, total revenue _____________ (rises, falls, remains constant), and marginal revenue is _______________ (positive, negative, zero).
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44
Fill in the blanks in the figure below:
a. ________
b. ________
c. ________
d. ________
e. ________
f. ________
g. ________
h. ________
Fill in the blanks in the figure below: a. ________ b. ________ c. ________ d. ________ e. ________ f. ________ g. ________ h. ________ ‪
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45
Boeing estimates the elasticity of demand for new commercial jets is -1.25. Explain why the following statements are either true or false (i.e., state whether true or false and explain why.)

-"The price effect dominates the quantity effect."
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46
Boeing estimates the elasticity of demand for new commercial jets is -1.25. Explain why the following statements are either true or false (i.e., state whether true or false and explain why.)

-"A 4 percent increase in the number of jets sold will require a 5 percent decrease in the price of jets."
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47
Boeing estimates the elasticity of demand for new commercial jets is -1.25. Explain why the following statements are either true or false (i.e., state whether true or false and explain why.)

-"A 5 percent decrease in the price of jets will increase Boeing's total revenue."
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