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WorksheetsBasic Microeconomics (Mid-Terms)
Total questions: 15
Worksheet time: 11mins
Elasticity of demand or supply is consider elastic if the answer is?
=1
=0
<1
>1
Elasticity is consider as inelastic if the answer is?
=1
=0
<1
>1
A product whose demand falls when income rises, and vice versa, is called ?
Normal goods
Inferior goods
Elasticity is considered to be unitary if the answer is?
=1
=0
>1
<1
A situation wherein the amount that producers want to sell is less than the amount that consumers want to buy
Surplus
Shortage
Situation wherein the amount that producers want to sell is greater than the amount that consumers want to buy.
Shortage
Surplus
Solve for the Elasticity of Demand if:
Q1=510 P1=58
Q2=600 P2=40
Ed=-0.54
Ed=-0.44
Ed=-0.34
Ed=-0.24
Solve the Elasticity of demand:
Q1= 200 P1=10
Q2=220 P2=15
Ed=0.54
Ed=0.44
Ed=0.34
Ed=-0.24
If the price of gas goes up and total revenue goes up, what does that say about the elasticity of gas?
Gas is Elastic
Gas is Inelastic
Gas is Unitary Elastic
Compute for the marginal utility for:
1st - (a)
2nd - (b)
5th - (c)
4th - (d)
