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  1  Price Elasticity of Demand 1) Suppose the price of burgers

Question :   1  Price Elasticity of Demand 1) Suppose the price of burgers : 1844669

 

1  Price Elasticity of Demand

1) Suppose the price of burgers increases from $2 to $3 each. The degree to which quantity demanded responds to this price increase depends on the

A) price elasticity of demand.

B) the price elasticity of supply.

C) income elasticity of demand.

D) cross elasticity of demand.

2) The price elasticity of demand measures

A) how often the price of a good changes.

B) the slope of a budget curve.

C) how sensitive the quantity demanded is to changes in demand.

D) the responsiveness of the quantity demanded to changes in price.

3) Elasticity measures the

A) percentage change in a variable.

B) slope of a curve.

C) change in a variable.

D) responsiveness of a variable to a change in another variable.

4) The price elasticity of demand for purses is measured in what units?

A) dollars

B) purses

C) dollars per purse

D) The price elasticity of demand is a unitless measure.

5) The price elasticity of demand is defined as the magnitude of the

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

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

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

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

6) The price elasticity of demand is calculated as the absolute value of the

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

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

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

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

7) The price elasticity of demand equals magnitude of the

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

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

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

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

8) The price elasticity of demand is equal to the ________ in the ________ divided by the ________ in the ________.

A) percentage change; price; percentage change; quantity demanded

B) change; price; change; quantity demanded

C) percentage change; quantity demanded; percentage change; price

D) change; quantity demanded; change; price

9) The price elasticity of demand depends on

A) the units used to measure price and the units used to measure quantity.

B) the units used to measure price but not the units used to measure quantity.

C) the units used to measure quantity but not the units used to measure price.

D) neither the units used to measure price nor the units used to measure quantity.

10) When the quantity of coal is measured in kilograms instead of pounds, the demand for coal becomes

A) more elastic.

B) less elastic.

C) neither more nor less elastic.

D) undefined.

Solution
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