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KIC000067 - g‘Student “ Imam-tor kolthoom alkofahi...

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Unformatted text preview: g‘Student: “ Imam-tor: kolthoom alkofahi Assiptmeutszw CH.6-1 éDatl‘: 10515509 Course: ECO 3301-05 iTime: 12:21 PM Book: Hubbardi'O'Briett: Microeconomics WWW mm... 2e Which of the following statements about the price elasticity of demand is correct? " a The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good. 3 Demand is more elastic the smaller percentage of the consumer‘s budget the item takes up. ' ‘ t: The absolute value of the elasticity of demand ranges from zero to one. ;M{:. Demand is more elastic in the long run than it is in the short run. When there are many good substitutes available for a good. demand tends to be ; 5A perfectly elastic. ' i3. perfectly inelastic. i ‘ C relatively inelastic. Mfr, relatively elastic. Which of the following goods would have the most inelastic demand? a. ski vacations 3. luxury cars big screen TVs The demand For gasoline in the short run is V. i inelastic because the! ‘ are no good substitutes for gasoline. perfectly inelastic because people have no choice but to buy gasoline. unit elastic because people tend to consume a stable amount of gasoline per period. elastic because people can casi 1y switch to public transportation. Pnge6 ...
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