vi mo

Gas prices rise 10%

Demand for gasoline decreases 2,5%

=> EPD=?

• -0,25

• 0,25

• -0,025

• 0,025

 Knowing that when the price of oranges is 20,000 VND/kg, 230 kg can be sold. When the orange price drops to 18,000 VND/kg, an additional 20 kg can be sold.

=> EDP=?

• 0,79

• 1,52

• -1,52

• -0,79

3.

For the supply and demand equation as follows

P = 220 -2Q 

P = 10 + Q 

1. a.Determine the market equilibrium price and quantity

2. b.determines the price elasticity of demand at the equilibrium point

• 1. a. QE= 70; PE= 60

  2. b. -0,75

• a.QE= 80; PE= 60

  b. 0,57

• a.QE= 70; PE= 80

  b. -0,57

• a.QE= 60; PE=70

  b. 0,75

4.

There is survey data on the average monthly income of households in city x over two periods and the demand for motorbikes as follows

In period 1: the average monthly income is 15,000,000 VND and has 2,500 motorbikes

In period 2: Average monthly income per household is 16,500,000 VND. Demand for motorbikes is 2,800. Calculate the elasticity of demand for motorbikes with respect to income.

• 1. EDP=1,5

• 1. EDP=1,9

• 1. EDP=1,15

• 1. EDP=1,19

The demand function for good x has the form:

Qx = 15 + 1.5I

where Qx quantity demanded of goods X(units) I income (million VND)

Suppose this year income I=10

Calculate the elasticity of demand at this year's income.

• 1. EDI=0,4

• 1. EDI=0,5

• 1. EDI=0,6

• 1. EDI=0,7

When researching the pork and fish market in a locality, people obtain the following data:

When the price of pork is 23,000 VND/kg, the quantity of fish demanded is 20 tons/day. When the price of pork increases by 1,000 VND/kg, the quantity of fish oil is 2 tons/day. Calculate the elasticity of demand for fish with respect to the price of pork.

• 1. E DxPy= 1,12

• 1. E DxPy= 2,24

• 1. E DxPy= 3,36

• 1. E DxPy= 4,48

Suppose that unusually hot weather causes the demand curve for ice cream to shift to the right. What will the price of ice cream be?

• The price and quantity of ice cream sold increased.

• The price and quantity of ice cream sold decreased.

• The price and quantity of ice cream sold remain the same

• Price and quantity of ice cream sold increased then decreased