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# Microeconomics Study Set 28

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## Quiz 4 : Elasticity

If the value of the price elasticity of demand is 0.6,demand is said to be
Free
Multiple Choice

C

When the percentage change in quantity demanded is less than the percentage change in price that brought it about,demand is said to be
Free
Multiple Choice

C

The table below shows the demand schedule for museum admissions in a small city. TABLE 4-1 -Refer to Table 4-1.Between the prices of $4 and$6 the price elasticity of demand is
Free
Multiple Choice

B

Consider two demand curves and the same price change for both.If the resulting percentage change in quantity demanded is greater for one ( D1)than the other (D2),we can conclude
Multiple Choice
Suppose that the quantity demanded of skipping ropes rises from 1250 to 1750 units when the price falls from $1.25 to$0.75 per unit.The price elasticity of demand for this product is
Suppose that the quantity of a good demanded rises from 90 units to 110 units when the price falls from $1.20 to 80 cents per unit.The price elasticity of demand for this product is Multiple Choice Answer: If household income increases by 50% and desired household expenditure on vacation travel increases by 15%,the price elasticity of demand for vacation travel is Multiple Choice Answer: Suppose that the quantity of lemonade demanded falls from 103 000 litres per week to 97 000 litres per week as a result of a 10% increase in its price.The price elasticity of demand for lemonade is therefore Multiple Choice Answer: The table below shows the demand schedule for museum admissions in a small city. TABLE 4-1 -Refer to Table 4-1.Between the prices of$8 and $10,the elasticity of demand is Multiple Choice Answer: When the percentage change in quantity demanded is greater than the percentage change in price that brought it about,demand is said to be Multiple Choice Answer: If the price elasticity of demand for some good is 2.7,a 10% increase in the price results in Multiple Choice Answer: The price elasticity of demand measures the responsiveness of Multiple Choice Answer: If the price elasticity of demand is 0.5,then a 10% increase in price results in a Multiple Choice Answer: Suppose the price elasticity of demand for some good is 1.4.A 10% increase in the price of the good results in Multiple Choice Answer: The table below shows the demand schedule for museum admissions in a small city. TABLE 4-1 -Refer to Table 4-1.The elasticity of demand for museum admissions is Multiple Choice Answer: The table below shows the demand schedule for museum admissions in a small city. TABLE 4-1 -Refer to Table 4-1.Between the prices of$2 and $4 the price elasticity of demand is Multiple Choice Answer: A demand curve that is the shape of a rectangular hyperbola Multiple Choice Answer: If demand is unit elastic at all prices,then the demand curve is Multiple Choice Answer: The table below shows the demand schedule for museum admissions in a small city. TABLE 4-1 -Refer to Table 4-1.Between the prices of$8 and \$6 the price elasticity of demand is