Chapter 6Elasticity.docx
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Chapter 6Elasticity.docx
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Chapter6Elasticity
Elasticity
Student:
___________________________________________________________________________
1. Usethefigurebelowtoanswerthefollowingquestions:
a.Theelasticityofdemandoverthepriceinterval$11to$10is__________.
b.Theelasticityofdemandoverthepriceinterval$7to$5is__________.
c.Theelasticityofdemandoverthepriceinterval$5to$3is__________.
2. Usethelineardemandcurveshownbelowtoanswerthefollowingquestions.
a.Thepointelasticityofdemandatapriceof$650is_________.
b.Thepointelasticityofdemandatapriceof$220is_________.
c.Demandisunitaryelasticatapriceof_________.
d.Aspricefalls,|E|__________________(getslarger,getssmaller,staysthesame)foralineardemandcurve.
3. Inthegraphshownbelow,thedemandforgoodXshiftsduetoachangeinthepriceofarelatedgoodY.HoldingthepriceofgoodXconstantat$200,answerthefollowingquestions:
a.ThegraphshowshowthedemandforXshiftswhenthepriceofrelatedgoodYdecreasesfrom$120to$100.Usingtheinformationinthegraph,thecross-priceelasticityofdemandforXandYiscalculatedtobe_________.
b.GoodsXandYare________________.
4. Usingthefollowingdemandschedule,calculatetotalrevenue,marginalrevenue,andpriceelasticityofdemand.Thenshowtherelationamongmarginalrevenue,price,andelasticityofdemand.
5. Fillinthegivenblanksinthefigurebelow:
a.________e.________
b.________f.________
c.________g.________
d.________h.________
6. WhichofthefollowingwillNOTaffecttheelasticityofdemandforaproduct?
A. Thenumberofsubstitutes.
B. Howlongconsumershavetoadapttopricechanges.
C. Thecostofproducingtheproduct.
D. Thepercentageoftheconsumer'sbudgetspentontheproduct.
E. Alloftheabovewillaffecttheelasticityofdemandforaproduct.
7. Thecross-priceelasticityofdemandbetweengoodsXandY
A. MeasurestheresponsivenessofthequantityofXdemandedtochangesinthepriceofY.
B. IsthepercentagechangeinthepriceofYdividedbythepercentagechangeinthequantityofXdemanded.
C. IsgreaterthanzeroifXandYaresubstitutes.
D. Bothaandc.
E. Alloftheabove.
8. Whenmarginalrevenueispositive,
A. Demandiselastic.
B. Marginalrevenueisgreaterthanprice.
C. Decreasingpricewilldecreasetotalrevenue.
D. Bothbandc.
E. Alloftheabove.
9. Usethefigurebelowtocalculatethecross-priceelasticityofdemandforgoodXwhenthepriceofgoodYincreasesfrom$12to$14:
A. 0.645.
B. 0.42.
C. 0.20.
D. 2.00.
E. 15.38.
F.
10. IfthepriceelasticityofDVDrecordersis-0.3andpriceincreases20%,whathappenstothequantityofDVDrecordersdemanded?
A. Quantitydecreasesby26%.
B. Quantitydecreasesby6.5%.
C. Quantityincreasesby15%.
D. Quantityincreasesby21%.
11. WhichofthefollowingwouldtendtoINCREASEtheelasticityofdemandforgoodX?
A. AnewdiscoveryallowsfirmstoproduceXatamuchlowercost.
B. Thepercentofaconsumer'sincomespentongoodXdeclines.
C. Anewproduct,Y,whichcanbeusedinplaceofX,isintroduced.
D. Bothbandc.
E. Alloftheabove.
12. Totalrevenueincreasedforafirmoperatingintheelasticrangeofitsdemandcurve.Whichofthefollowingstatementsiscorrect?
A. Thefirmmusthaveraisedprice.
B. Thefirmmusthaveloweredprice.
C. Quantitydemandedmusthaveincreased.
D. Bothaandc.
E. Bothbandc.
ElasticityKey
1. Usethefigurebelowtoanswerthefollowingquestions:
a.Theelasticityofdemandoverthepriceinterval$11to$10is__________.
b.Theelasticityofdemandoverthepriceinterval$7to$5is__________.
c.Theelasticityofdemandoverthepriceinterval$5to$3is__________.
a.-7.
b.-1.
c.-0.50
Thomas-Chapter06#81
2. Usethelineardemandcurveshownbelowtoanswerthefollowingquestions.
a.Thepointelasticityofdemandatapriceof$650is_________.
b.Thepointelasticityofdemandatapriceof$220is_________.
c.Demandisunitaryelasticatapriceof_________.
d.Aspricefalls,|E|__________________(getslarger,getssmaller,staysthesame)foralineardemandcurve.
a.-6.50.
b.-0.42.
c.$375.
d.getssmaller.
Thomas-Chapter06#82
3. Inthegraphshownbelow,thedemandforgoodXshiftsduetoachangeinthepriceofarelatedgoodY.HoldingthepriceofgoodXconstantat$200,answerthefollowingquestions:
a.ThegraphshowshowthedemandforXshiftswhenthepriceofrelatedgoodYdecreasesfrom$120to$100.Usingtheinformationinthegraph,thecross-priceelasticityofdemandforXandYiscalculatedtobe_________.
b.GoodsXandYare________________.
a.1.57.
b.substitutes.
Thomas-Chapter06#84
4. Usingthefollowingdemandschedule,calculatetotalrevenue,marginalrevenue,andpriceelasticityofdemand.Thenshowtherelationamongmarginalrevenue,price,andelasticityofdemand.
Totalrevenues:
4,000;4,500;4,800;4,900;4,800;4,500.
Marginalrevenues:
50;30;10;-10;–30.
Elasticities:
-2.11;-1.55;-1.15;-0.87;-0.65.
Thomas-Chapter06#85
5. Fillinthegivenblanksinthefigurebelow:
a.________e.________
b.________f.________
c.________g.________
d.________h.________
a.$64.
b.$40.
c.500.
d.$20,000.
e.48.
f.–16.
g.500.
Thomas-Chapter06#87
6. WhichofthefollowingwillNOTaffecttheelasticityofdemandforaproduct?
a. Thenumberofsubstitutes.
b. Howlongconsumershavetoadapttopricechanges.
C. Thecostofproducingtheproduct.
d. Thepercentageoftheconsumer'sbudgetspentontheproduct.
e. Alloftheabovewillaffecttheelasticityofdemandforaproduct.
Thomas-Chapter06#7
7. Thecross-priceelasticityofdemandbetweengoodsXandY
a. MeasurestheresponsivenessofthequantityofXdemandedtochangesinthepriceofY.
b. IsthepercentagechangeinthepriceofYdividedbythepercentagechangeinthequantityofXdemanded.
c. IsgreaterthanzeroifXandYaresubstitutes.
D. Bothaandc.
e. Alloftheabove.
Thomas-Chapter06#18
8. Whenmarginalrevenueispositive,
A. Demandiselastic.
b. Marginalrevenueisgreaterthanprice.
c. Decreasingpricewilldecreasetotalrevenue.
d. Bothbandc.
e. Alloftheabove.
Thomas-Chapter06#20
9. Usethefigurebelowtocalculatethecross-priceelasticityofdemandforgoodXwhenthepriceofgoodYincreasesfrom$12to$14:
a. 0.645.
B. 0.42.
c. 0.20.
d. 2.00.
e. 15.38.
f.
Thomas-Chapter06#23
10. IfthepriceelasticityofDVDrecordersis-0.3andpriceincreases20%,whathappenstothequantityofDVDrecordersdemanded?
A. Quantitydecreasesby26%.
b. Quantitydecreasesby6.5%.
c. Quantityincreasesby15%.
d. Quantityincreasesby21%.
Thomas-Chapter06#35
11. WhichofthefollowingwouldtendtoINCREASEtheelasticityofdemandforgoodX?
a. AnewdiscoveryallowsfirmstoproduceXatamuchlowercost.
b. Thepercentofaconsumer'sincomespentongoodXdeclines.
C. Anewproduct,Y,whichcanbeusedinplaceofX,isintroduced.
d. Bothbandc.
e. Alloftheabove.
Thomas-Chapter06#44
12. Totalrevenueincreasedforafirmoperatingintheelasticrangeofitsdemandcurve.Whichofthefollowingstatementsiscorrect?
a. Thefirmmusthaveraisedprice.
b. Thefirmmusthaveloweredprice.
c. Quantitydemandedmusthaveincreased.
d. Bothaandc.
E. Bothbandc.
Thomas-Chapter06#53
ElasticitySummary
Category
# of Questions
Thomas - Chapter 06
12
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