Elasticity of Demand

Front

Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase.

Back

inelastic

Front

Which of the following is an example of inelastic demand? Jason wants the most expensive cellphone. He decides to get a cheaper model., Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener., Tianna wants to try out a new, expensive restaurant. She goes to another restaurant whose food is excellent and costs less., Shawn wants to buy a house in one neighborhood. But after searching, he decides to buy a house elsewhere instead.

Back

Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener.

Front

How does elasticity affect potential revenue for a firm?

Back

If demand for a good is elastic, raising the price could reduce revenue.

Front

Which of the following two goods is more likely to be inelastically demanded?
Demand for tangerines
Demand for fruit

Back

Demand for fruit

Front

Which of the following two goods is more likely to be inelastically demanded?
Demand for Exxon gasoline at the corner of 7th and Grand
Demand for gasoline in the entire city

Back

Demand for gasoline in the entire city

Front

Which of the following two goods is more likely to be inelastically demanded?
Demand for insulin,
Demand for vitamins

Back

Demand for insulin

Front

During the COVID 19 Pandemic, will the demand curve for soap be more elastic or more inelastic?

Back

More inelastic

Front

After more employers allow employees to telecommute, will the demand curve for cars be more elastic or more inelastic?

Back

More elastic

Front

After the invention of nuclear power plants, will the demand curve for coal power plants be more elastic or more inelastic?

Back

More elastic

Front

After an economic boom, will the demand curve for TVs be more elastic or more inelastic?

Back

More inelastic