Elasticities

Elasticities

11th - 12th Grade

15 Qs

quiz-placeholder

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Elasticities

Elasticities

Assessment

Quiz

Social Studies

11th - 12th Grade

Practice Problem

Hard

Created by

Vincent Horstink

Used 7+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which PED values indicate a good has demand that is elastic?

PED > 0

0 > PED > 1

PED > 1

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When PED = 1, this is referred to as _____

Unitary (unit) elastic

Relatively inelastic

Relatively elastic

Perfectly inelastic

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A company sells a good that has been measured to be price inelastic. They are looking to increase their revenue. Should they increase or decrease their price? (answer only one word; increase or decrease)

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good has an income elasticity of demand (YED) of -1.3. What can you say about the quality of the good? Its a(n) _______

Normal good

Inferior good

Luxury good

Necessary good

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The quantity demanded of a good triples when income doubles. What is the YED of this good? (enter just the number, eg. 4 or 3.6)

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

In the market for luxury watches, a producer is making $500 000 per week in revenue selling them for $2 000 each. The producer increases his price to $3 000 and revenue increases to $600 000. What is the price elasticity of demand in the market?

20

2.5

0.4

0.05

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following are determinants of PED? Check all that apply.

Number and closeness of substitutes

Time period considered (time to respond)

Unused capacity

Proportion of income

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