question
Inelastic
answer
If the price elasticity of demand for a good is .75, the demand for the good can be described as:
question
Unitary
answer
A product priced at 5$ has annual sales of 1,000 units. When pricd is reduced to 4$, quantity increases to 1250 units. Other things unchanged, the price elasticity of demand for the product is:
question
.55
answer
What is the elasticity of demand between the prices of 3$ and 2$
question
One
answer
Over the 5$-6$ range, demand is:
question
The shift of a demand curve
answer
A change in demand means:
question
A positive number
answer
The cross elasticity of demand between quaker state motor oil and texaxo motor oil is likely to be:
question
Negative
answer
Cross elasticity of demand between complementary products is:
question
Decrease
answer
If a business decreased the price of its product from $10 to $9 when the demand for the product was inelastic, then total revenues would:
question
Greater than one
answer
If a demand for a product is elastic, the value of the price elasticity coefficient is
question
1.60
answer
The price elasticity of demand when price decreases from 9$ to 7$ is
question
Increase the price of the software
answer
You sre the sales manager for a softwarw company and have been informed that the price elasticity of demand for your most popular software is less than 1. To increase total revenues, you should:
question
Automobiles
answer
Which product is most likely to be the most price elastic
question
.05
answer
When the price of candy bars increased from $.45 to&.55 the quantity demanded changed from 21,000 per day to 19,000 per day. In this tange the price elasticity of demand for candy bars is:
question
Consumers will be better able to find substitutes
answer
The price elasticity of demand will increase with the length of the period to which the demand curve pertains because
question
1
answer
What is the elasticity of demand between the prices of 4$ and 3$
question
There are more substitutes for cheerios than for cereals as a whole
answer
The demand for cheerios cereal is more price elastix than the demand for cereals as a whole. This js best explained by the fact that
question
Responsiveness of quality demanded to a change in price
answer
The price elasticity of demand is a measure of the:
question
89
answer
The price declines from $450 to $350 and, as a result, quantity demanded increases from 1200 to 1500, price elasticity of demand is:
question
A reduction in price results in a decrease in total revenue
answer
Demans is said to be inelastic
question
Negative, but the minus sign is ignored
answer
The price elasticity of demand is:
question
Elastic
answer
Total revenue falls as the price of a good increases if price elasticity of demand is:
question
.33 and inelastic
answer
Blocks sells 500 bottles of perfume a month when the price is $7. A huge increase in resourced costs causes price to rise to $9 and Block's only managers to sell 460 bottles of perfume. The price elasticity of demand is:
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
