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Ekonomiks Daniels

Professor Daniels Eco II Review

QuestionAnswer
The ratio of the percentage change in a dependent variable to the percentage change in an independent variable, all other things unchanged, is: Elasticity
Elasticity is: The ratio of the percentage change in a dependent variable to the percentage change in an independent variable.
The ratio percentage change in the quantity demanded to the-percentage change in price, all other things unchanged, is: price elasticity of demand
Price elasticity of demand measures the responsiveness of the change in: quantity demanded to a change in price.
The price elasticity of demand is measured by: dividing the percentage in quantity demanded by the percentage change in price
The price elasticity of demand is: usually equal to 1
When prices goes down, the quantity demanded goes up. Price elasticity measures: how responsive the quantity change is in relation to the price change
Suppose at a price of $10 the quantity demanded is 100. When price falls to $8, the quantity demanded increases to 130. The price elasticity of demand between the prices of $10 and $8 is approximately: -1.17
The price elasticity of demand can be found by: examining the relative percentage change in quantity demanded goes in the opposite direction
If the price of a good is increased by 15 percent and the quantity demanded changes by 20 percent, then the price elasticity of demand is equal to: approximately -1.33
Using the method of arc elasticity to calculate price elasticity of demand eliminates the problem of: different elasticities, depending on whether price decreases or increases
A men's tie store sold an average of 30 ties per day when the price was $5 per tie, but sold 50 of the same ties per day when the price was $3 per tie. Hence, the absolute value of the price elasticity of demand is: equal to 1
A shire manufacturer sold 10 dozen shirts per day when the price was $4 per shirt but sold 15 dozen shirts per day when the price was $3 per shirt. Hence, the absolute value of the price elasticity of demand is: greater than 1 but less than 3
The concept of elasticity is most closely related to: the law of demand
The concept of elasticity is most closely related to: a movement along the demand curve
Calculating percentage changes relative to the average value of each variable between two points is: arc elasticity
Price elasticity of demand is computed as the arc elasticity by: calculating percentage changes relative to the average value of each variable between two points
If the price of chocolate-covered peanuts decreases from $1.10 to $.90 and the quantity demanded increases from 190 bags to 210 bags, this indicates that, if other things are unchanged, the price elasticity of demand is: -.5
If the price of chocolate-covered peanuts decreases from $1.10 to $.90 and the quantity demanded increases from 180 bags to 220 bags, this indicates that, if other things are unchanged, the price elasticity of demand is: -1
If the price of chocolate-covered peanuts decreased from $1.05 to $.95 and the quantity demanded increases from 180 bags to 220 bags, this indicates that, if others things are unchanged, the price elasticity of demand is: -2
If the price of chocolate-covered peanuts decreases from $1.10 to $.90 and the quantity demanded does not change, this indicates that, if other things are unchanged, the price elasticity of demand is: 0
If the price of chocolate-covered peanuts decreases from $1.10 to $.90 and the quantity demanded increases from 0 bags to 400 bags, this indicates that, if other things are unchanged, the price elasticity of demand is: greater that 2 (absolute value)
The price elasticity of a demand curve with a constant slope: increases in absolute value as the price rises
The price elasticity of a demand curve with a constant slope decreases in absolute value as quantity demanded rises.
Suppose the demand curve has a slope equal to negative 1. The price elasticity of demand at any point on this demand curve is: not described by any above: infinite,equal to zero, greater than 1, but less than infinite
The price elasticity of demand is calculated for: small changes in price
A linear demand curve will have absolute values of the coefficient of price elasticity that range from less than 1 to greater than 1
A Linear Demand Curve can have both elastic and inelastic price elasticity of demand
Along the upper half of a linear demand curve, the price elasticity of demand will be price elastic
Along the upper half of a linear demand curve, the price elasticity of demand will be price inelastic
A linear demand curve will have which of the following properties? a slope that is constant and price elasticity that varies
An upward movement along a linear demand curve from lower prices to higher prices will result in: increasing price elasticity
Assuming a linear demand curve, lower prices would result in: less price elastic demand
Created by: bonesg8r on 2010-09-14



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