Layton4e_EV_ch05 - Chapter 5Elasticity of demand and supply...

This preview shows page 1 - 3 out of 26 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Applied Calculus
The document you are viewing contains questions related to this textbook.
Chapter 3 / Exercise 3
Applied Calculus
Berresford/Rockett
Expert Verified
Chapter 5—Elasticity of demand and supply MULTIPLE CHOICE Price elasticity of demand 1. Price elasticity of demand measures: A. the responsiveness of the quantity demanded of a good to a change in income. B. the responsiveness of the quantity demanded of a good to a change in consumers’ prefer- ences. C. the responsiveness of the quantity demanded of a good to a change in price. D. the reduction in the quantity demanded of a good when the price is reduced. ANS: C PTS: 1 DIF: Moderate REF: Price elasticity of demand
OBJ: TYPE: SA TOP: Price elasticity of demand 2. Price elasticity of demand can be: PTS: 1 DIF: Moderate REF: Price elasticity of demand
OBJ: TYPE: RE TOP: Price elasticity of demand 3. Using the midpoint formula, what would be the price elasticity of demand for a gallbladder operation if the number of operations fell from 7000 to 4000 per week after its price increased from $6000 to $15 000? PTS: 1 DIF: Moderate REF: Price elasticity of demand
OBJ: TYPE: SA TOP: Price elasticity of demand 4. Suppose the price of a bus ticket rises from $2.75 to $3 and the number of tickets sold falls from 10 000 to 8500, the price elasticity of demand is: PTS: 1 DIF: Moderate REF: Price elasticity of demand
OBJ: TYPE: RE TOP: Price elasticity of demand 5. Suppose the price of a bus ticket rises from $2.75 to $3.75 and the number of tickets sold falls from 10 000 to 8500, the price elasticity of demand is: : A. 0.527. B. 1. C. -0.527. D. -1.
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Applied Calculus
The document you are viewing contains questions related to this textbook.
Chapter 3 / Exercise 3
Applied Calculus
Berresford/Rockett
Expert Verified
ANS: A PTS: 1 DIF: Moderate REF: Price elasticity of demand
OBJ: TYPE: SA TOP: Price elasticity of demand 6. Suppose the price of a bus ticket rises from $2.75 to $3 and the number of tickets sold falls from 10 000 to 8500, the total revenue test: PTS: 1 DIF: Moderate REF: Price elasticity of demand
OBJ: TYPE: SA TOP: Price elasticity of demand 7. The price elasticity of demand for a vertical demand curve is: PTS: 1 DIF: Moderate REF: Price elasticity of demand
OBJ: TYPE: RE TOP: Price elasticity of demand

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture