SPAN 1101 Chapter : Capitulo Dos

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azuremammoth471

15 Mar 2019

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Suppose violet spends every month on roses, no matter what the price of roses is in a particular month. 50 bars: the price of soap decreases by 50 cents per bar and the quantity of soap demanded increases by. 25 bars: suppose that sabine produces rings and discovers that the price elasticity for her rings is equal to 1. 4. His expected catch for the day is as follows: 5 fish on the west side, 7 fish on the south side, or 9 fish on the north side. Inside: on, on or outside, suppose rational decision-maker vitrice faces a choice: she can buy a ticket to see either allison weiss or bess rogers in concert. The price of a ticket to see allison is and the price of a ticket to see bess is . Suppose further that vitrice"s reservation price for seeing allison is and her reservation price for seeing bess is .

Related Questions

1. An increase in the price of a good will

a. increase quantity demanded

b. increase demand

c. decrease demand

d. decrease quantity demanded

2. An increase in the price of good will

a. decrease quantity supplied

b. increase quantity supplied

c. decrease supply

d. increase supply

3. An increase in price causes an increase in total revenue when demand is

a. inelastic

b. elastic

c. unit elastic

d. all of the above

4. Which of the following could be the price elasticity of demand for a good for which a price increase would decrease revenue?

a. 1.0

b. 0.6

c. 2.6

d. 0.9

5. Other things equal, when the price of good falls, the

a. quantity supplied of good increases

b. demand increases

c. supply decreases

d. quantity supplied of the good decreases

brownantelope470

1. Market equilibrium occurs when

a. demand equals supply

b. quantity demanded equals quantity supplied

c. The consumer expectations match the producer's expectations

d. Efficiency and equal distribution are achieved

2. If a surplus exists in a market, then

a. Price is above market equilibrium and quantity demanded is less than quantity supplied

b. Price is below market equilibrium and quantity demanded is less than quantity supplied

c. Price is above market equilibrium and quantity demanded is greater than quantity supplied

d. Price is below market equilibrium and quantity demanded is greater than quantity supplied

3. When the price falls below market equilibrium

a. A surplus occurs

b. A shortage occurs

c. There will be an increase in quantity supplied

d. There will be a leftward shift of the supply curve

amethysttrout886

1. The concept of price elasticity of demand measures:

a. the slope of the demand curve.

b. the number of buyers in a market.

c. the extent to which the demand curve shifts as the result of a price decline.

d. the sensitiveness of quantities demanded to price changes.

2. When the percentage change in price is less than the resulting percentage change in quantity demanded:

a. demand is elastic.

b. demand is inelastic.

c. demand is unit elastic.

d. none of the above.

3. The elasticity of demand:

a. will be the same at each price-quantity combination on a stable demand curve.

b. tends to be elastic in high-price ranges and inelastic in low-price ranges.

c. tends to be inelastic in high-price ranges and elastic in low-price ranges.

d. is infinitely large for a perfectly inelastic demand curve.

4. Suppose that as the price of Y falls from $2.00 to $1.80 the quantity of Y demanded increases from 110 to 121. It can be concluded that the price elasticity of demand is: _______.

5. Total revenue rises as the price of a good increases if price elasticity of demand is:

a. unitary elastic

b. perfectly inelastic.

6. The demand for such products as salt, bread, and electricity tend to be:

a. relatively price elastic.

b. relatively price inelastic.

c. of unit price elasticity.

d. perfectly price elastic.

coffeeelephant81

SPAN 1101 Chapter : Capitulo Dos

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