
Elasticity Fun Quiz
Quiz
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Social Studies
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University
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Practice Problem
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Hard
Munshinaser eco
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose the price of beans rises from $1.00 a pound to $2.00 a pound, quantity demanded falls from 10 units to 6 units, the coefficient of elasticity of demand for beans using the mid-point method elasticity approach is
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of oranges increases from $0.50 to $1.00 per orange, and the quantity demanded decreases from 20 units to 15 units, what is the coefficient of elasticity of demand for oranges using the mid-point method?
0.80
1.20
0.67
1.50
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the price of a movie ticket rises from $10 to $15, and the quantity demanded drops from 100 tickets to 70 tickets, calculate the elasticity of demand for movie tickets using the mid-point method.
0.80
1.00
1.50
1.20
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assuming the price of a loaf of bread increases from $2.00 to $3.00, resulting in a decrease in quantity demanded from 50 loaves to 30 loaves, what is the elasticity of demand for bread using the mid-point method?
0.75
1.25
1.50
1.00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When purchases of tennis socks decline following an increase in the price of tennis sneakers (other things remaining equal), the relationship between these two items can be described as
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of apples increases from $1.50 to $2.00 per apple, and the quantity demanded decreases from 30 units to 20 units, what is the coefficient of elasticity of demand for apples using the mid-point method?
0.75
1.00
1.25
1.50
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the price of coffee rises from $3.00 to $4.00 per cup, and the quantity demanded falls from 40 cups to 25 cups, calculate the elasticity of demand for coffee using the mid-point method.
0.85
1.10
1.50
1.20
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