question
product X has a price of $20 and total revenue of $50,000. if the price changes to $30 and total revenue increases to $80,000 what can be determined about the demand
answer
a- demand is inelastic
question
which will not change demand for lemons
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C - a change in the price of lemons
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The quantity of peanuts increases from 40to60when price increases from four dollars to five dollars. price elasticity is
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A - elastic
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If cross price elasticity is -0.8 the products are
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C- complements
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A rise in price of corn, a substitute for potatoes, will
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a- increase the demand for potatoes
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after the government imposed a 0.2 $ per gallon tax on gasoline the price of gas increased from one dollar to $1.15. which is true
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C - consumers bear most, but not all, of the tax burden
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If demand for a good is price inelastic in the short run and the supply curve is upward sloping, imposing a sales tax will
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D - not change the after tax revenues received by suppliers
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If price decreases from eight dollars to four dollars total consumer surplus will
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d- increase by $18
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If apples cost three dollars each how many should he buy to maximize profits
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D- 4
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Popcorn and pretzels are substitutes. A decrease in supply of popcorn will
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B - increased demand for pretzels and price pretzels
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If hotdogs or an inferior good an increase in income will result in
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D - a decrease in demand for hotdogs
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Total revenue is maximized when demand is
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E - unit elastic
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If milk is $2.80 per gallon and there are 5,000,000 gallons sold a day. If the price ceiling is two dollars a gallon which is true
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e- less than 5,000,000 gallons will be sold
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If a large number of the bee population is destroyed the equilibrium price and quantity of honey will do what
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b- the price will increase and the quantity will decrease
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According to the law of diminishing marginal utility which is true
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B - the additional satisfaction received from consuming extra units of a good decreases as the consumption increases
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The table with Allison bill and Fred
Which combo of price and quantity lies on the demand curve
Which combo of price and quantity lies on the demand curve
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D - price is $.16 and quantity is 270
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Which tends to make demand more elastic
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A - new firms which produce similar products enter the industry
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One reason consumers increase the quantity of a good they purchase when the price decreases is
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b- consumers purchasing power increases
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Graph with rental housing
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E- the quantity of rental house in demand will increase
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graph with supply and supply after tax
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D - consumers - $10.45, producers- $9.45
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What is the tax per unit for the previous question
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d- $.25
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Which would cause the supply curve to shift to the right
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b - an increase in the number of firms producing notebook computers
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A 10% increase in price leads to a 25% decrease in quantity demanded demand is
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e- relatively inelastic
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Minimum wage for fast food workers produces
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E - surplus of fast food workers
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If supply and demand increase the equilibrium price and quantity will do what
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C - the price is indeterminate and the quantity will increase
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