Post quiz3 Mod3 Micro 2012

Post quiz3 Mod3 Micro 2012 - Microeconomics Quiz 3 Name:...

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Microeconomics Quiz 3 Name: Eron Lindsey C_______1. Economists compute the price elasticity of demand as the a. percentage change in price divided by the percentage change in quantity demanded. b. change in quantity demanded divided by the change in the price. c. percentage change in quantity demanded divided by the percentage change in price. d. percentage change in quantity demanded divided by the percentage change in income. C_______2. If the price elasticity of demand for a good is 4.0, then a 10 percent increase in price results in a a. 0.4 percent decrease in the quantity demanded. b. 2.5 percent decrease in the quantity demanded. c. 4 percent decrease in the quantity demanded. d. 40 percent decrease in the quantity demanded. B_______3. If a 6% decrease in price for a good results in a 2% increase in quantity demanded, the price elasticity of demand is a. 0.02. b. 0.33. c. 3. d. 4. D_______4. Demand is elastic if elasticity is a. less than 1. b. equal to 1. c. equal to 0. d. greater than 1. A_______5. If the demand for donuts is elastic, then a decrease in the price of donuts will a. increase total revenue of donut sellers. b.
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Post quiz3 Mod3 Micro 2012 - Microeconomics Quiz 3 Name:...

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