If price decreases by 15 percent and quantity supplied decreases by 10 percent supply is

If you're seeing this message, it means we're having trouble loading external resources on our website.

Inhaltsverzeichnis Show

What happens to supply when the price of a product increases?
What happens if the price of a good increases by 10%?
Why does total revenue decrease after a price increase?
When the absolute value of price elasticity of demand is greater than 1?
When the price increases 10 The quantity supplied increases 15%?
When price rise by 10 percent quantity supplied does not change supply is?
When the price elasticity of demand is 2 and the price increases by 10 percent the quantity demanded?
When price of a commodity rises by 20% and quantity supplied increases by 30% What is price elasticity of supply?

If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked.

INSTRUCTION: Select the BEST answer for each question by marking the circle next to your selection

A perfectly inelastic demand schedule:

A.	rises upward and to the right, but has a constant slope.

B.	can be represented by a line parallel to the vertical axis.

C.	cannot be shown on a two-dimensional graph.

D.	can be represented by a line parallel to the horizontal axis.

If the demand for bacon is relatively elastic, a 10 percent decline in the price of bacon will:

A.	decrease the amount demanded by more than 10 percent.

B.	increase the amount demanded by more than 10 percent.

C.	decrease the amount demanded by less than 10 percent.

D.	increase the amount demanded by less than 10 percent.

The price elasticity of demand for beef is about 0.60. Other things equal, this means that a 20 percent increase in the price of beef will cause the quantity of beef demanded to:

A.	increase by approximately 12 percent.

B.	decrease by approximately 12 percent.

C.	decrease by approximately 32 percent.

D.	decrease by approximately 26 percent.

R-1 REF 20-34

Refer to the above diagram and assume a single good. If the price of the good increased from $5.70 to $6.30 along D1, the price elasticity of demand along this portion of the demand curve would be:

Suppose the price elasticity of demand for bread is 0.20. If the price of bread falls by 10 percent, the quantity demanded will increase by:

A.	2 percent and total expenditures on bread will rise.

B.	2 percent and total expenditures on bread will fall.

C.	20 percent and total expenditures on bread will fall.

D.	20 percent and total expenditures on bread will rise.

6.	Gigantic State University raises tuition for the purpose of increasing its revenue so that more faculty can be hired. GSU is assuming that the demand for education at GSU is:

We would expect:

A.	the demand for Coca-Cola to be less elastic than the demand for soft drinks in general.

B.	the demand for Coca-Cola to be more elastic than the demand for soft drinks in general.

C.	no relationship between the elasticity of demand for Coca-Cola and the elasticity of demand for soft drinks in general.

D.	none of the above to hold true.

Which of the following generalizations is not correct?

A.	The larger an item is in one's budget, the greater the price elasticity of demand.

B.	The price elasticity of demand is greater for necessities than it is for luxuries.

C.	The larger the number of close substitutes available, the greater will be the price elasticity of demand for a particular product.

D.	The price elasticity of demand is greater the longer the time period under consideration.

Farmers often find that large bumper crops are associated with declines in their gross incomes. This suggests that:

A.	farm products are normal goods.

B.	farm products are inferior goods.

C.	the price elasticity of demand for farm products is less than 1.

D.	the price elasticity of demand for farm products is greater than 1.

10.

The price elasticity of supply measures how:

A.	easily labor and capital can be substituted for one another in the production process.

B.	responsive the quantity supplied of X is to changes in the price of X.

C.	responsive the quantity supplied of Y is to changes in the price of X.

D.	responsive quantity supplied is to a change in incomes.

11.

Assume that the price of product X rises by 5 percent and the quantity supplied of X increases by 15 percent. The coefficient of price elasticity of supply for good X is:

A.	negative and therefore X is an inferior good.

B.	positive and therefore X is a normal good.

C.	less than 1 and therefore supply is inelastic.

D.	more than 1 and therefore supply is elastic.

12.

R-2 REF 20-113

Refer to the above diagram and assume that price increases from $2 to $10. The coefficient of the price elasticity of supply (midpoints formula) relating to this price change is about:

A.	5 and supply is elastic.

B.	1 and supply is unit elastic.

C.	.25 and supply is inelatic.

D.	2.5 and supply is elastic.

13.

If the income elasticity of demand for lard is -3.00, this means that:

A.	lard is a substitute for butter.

B.	lard is a normal good.

C.	lard is an inferior good.

D.	more lard will be purchased when its price falls.

14.

We would expect the cross elasticity of demand between dress shirts and ties to be:

A.	positive, indicating normal goods.

B.	positive, indicating inferior goods.

C.	negative, indicating substitute goods.

D.	negative, indicating complementary goods.

15.

The price elasticity of demand is:

A.	negative, but the minus sign is ignored.

B.	positive, but the plus sign is ignored.

C.	positive for normal goods and negative for inferior goods.

D.	positive because price and quantity demanded are inversely related.

This is the end of the test. When you have completed all the questions and reviewed your answers, press the button below to grade the test.

What happens to supply when the price of a product increases?

if the price rises by 1%, the quantity supplied will increase by 0.85%. This means that a 1% increase in the price of the product will lead to a % change in the quantity supplied. Supply is to price changes.

What happens if the price of a good increases by 10%?

If the price of a good increases by 10 percent, its quantity demanded drops by 50 percent. The price elasticity of demand is: the more elastic their demand will be. likely to be perfectly inelastic over some range of prices.

Why does total revenue decrease after a price increase?

Because demand is elastic, total revenue will decrease after a price increase. Total revenue decreases from ($50 × 150 = $7,500) to ($60 × 100 = $6,000). Which of the following has a more elastic supply in the short run? a. Hospitals or mobile clinics?

When the absolute value of price elasticity of demand is greater than 1?

o When the absolute value of the price elasticity of demand is greater than 1 = elastic o A change in price will cause a larger percentage change in quantity demanded are highly influenced by price Characteristics of inelasticity o Absolute value of price elasticity of demand is less than 1

When the price increases 10 The quantity supplied increases 15%?

In the given problem, it was stated that the price of goods increases by 10 percent, and the quantity supplied increases by 15 percent. Hence, the elasticity of supply is equivalent to; Elasticity of Supply = Percentage Change in Supply / Percentage Change in Price. Elasticity of Supply = 15% / 10%

When price rise by 10 percent quantity supplied does not change supply is?

The supply of a good is inelastic if the percentage increase in the quantity supplied is less than the percentage increase in price. In this example, a 10 percent price rise brings a 1 percent increase in the quantity supplied, so supply is inelastic.

When the price elasticity of demand is 2 and the price increases by 10 percent the quantity demanded?

The correct answer to the given question is option c) 20 percent decrease in quantity demanded.

When price of a commodity rises by 20% and quantity supplied increases by 30% What is price elasticity of supply?

Elasticity of supply =7. 5.

If price decreases by 15 percent and quantity supplied decreases by 10 percent supply is

What happens to supply when the price of a product increases?

What happens if the price of a good increases by 10%?

Why does total revenue decrease after a price increase?

When the absolute value of price elasticity of demand is greater than 1?

When the price increases 10 The quantity supplied increases 15%?

When price rise by 10 percent quantity supplied does not change supply is?

When the price elasticity of demand is 2 and the price increases by 10 percent the quantity demanded?

When price of a commodity rises by 20% and quantity supplied increases by 30% What is price elasticity of supply?

zusammenhängende Posts

What happens to the equilibrium price and quantity when demand and supply both increase?

When change in price if demand for a commodity does not change the demand is said to be?

If a price decrease results in your expenditure on a good decreasing your demand must be

When the price of a product is increased 10 percent the quantity demanded decreases 2 percent in this range of prices demand for this product is?

Wo ist der unterschied bei der invicta 8927 und 8927ob

When the price of a good increased by 8 percent, the quantity demanded of it decreased 4 percent.

If the price of product l increases, the demand curve for close-substitute product j will

Over which of the following price ranges is the price elasticity of supply greater than 1

When change in quantity demanded is equal to change in price the elasticity of demand is?

In a relationship, as one variable increases, the other variable decreases, and vice versa.

Werbung

NEUESTEN NACHRICHTEN

Which incentive plans are specifically designed to promote group performance

According to the flsa, which individual is most likely a nonexempt employee?

Reactive and protective behaviors designed to avoid action, blame, or change are termed ________.

The machiavellian personality is characterized by the will to manipulate and the desire for power.

Ist ein mann in brunn gefallen noten

Which of the following biometric authentication systems is the most accepted by users?

Was ist der Unterschied zwischen Hanf und CBD?

Wie viele noten braucht man für eine zeugnisnote sachsen-anhalt

Wie fühlt man sich wenn man schwanger ist am anfang

Kann man Basaltemperatur auch tagsüber Messen?

Werbung

Populer

Werbung

Um

Legal

Hilfe

Sozial