Elasticity

Elasticity

3rd Grade

10 Qs

quiz-placeholder

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Elasticity

Elasticity

Assessment

Quiz

Business

3rd Grade

Practice Problem

Hard

Created by

Jamie Thorns

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

PED NUMBER is greater than 1 so......

PED is elastic

PED is inelastic

PED is perfectly inelastic

PED is unitary

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is NOT a determinant of PED?

% of income

availability of substitutes

necessity

ease of producing the good

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

If the product is PED elastic a firm should do what to raise total revenue?

Lower price

Raise price

Do not change price

increase supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

An inferior elastic good is most likely to have which of the following YED values?

+3

+0.5

-5

-0.2

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Bread is most likely to have which of the following YED values......

+0.2

+5

-5

-0.8

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Weak substitutes are most likely to have which of the following XED values.....

+6

+0.2

-3

-0.2

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Tennis balls and tennis racquets are most likely to have which of the following XED values.....

+3

-4

-0.5

+0.7

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