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WorksheetsECN60104 Microeconomics Tutorial 5
Total questions: 12
Worksheet time: 3600secs
If the rise in price of Samsung laptops increases the demand for Asus notebooks, we could say that the two goods are......
substitutes
complements
inferior goods
normal goods
If the price elasticity of demand for Proton cars is -1.5, we could say that demand for the good is......
relatively price inelastic
relatively price elastic
is unitary elastic
is cross inelastic
If the rise in price for notebooks reduces the demand for external USB hard disk drives, we could say that the two goods are........
inferior goods
normal goods
complements
substitutes
According to the diagram, a fall in price will....
result in a higher increase in quantity demanded
result in a smaller increase in quantity demanded
result in a increase rise in quantity demanded by equal proportion
will not result in an increase in quantity demanded
According to the diagram, a rise in price will....
result in a smaller fall in quantity demanded
result in a bigger fall in quantity demanded
result in a fall in quantity demanded by an equal proportion
result in a no change in quantity demanded
Using the mid point formula, calculate the price elasticity of demand with the information given in the diagram.
15.39
85.7
0.18
5.56
Looking at the demand curve in the diagram we can conclude that consumers of this good......
are not very responsive to price changes
are relatively sensitive to price changes
would not be responsive to price changes at all
would be infinitely responsive to price changes
