100%(8)8 out of 8 people found this document helpful
This preview shows page 3 - 8 out of 15 pages.
Question 5 of 200.0/ 5.0 Points
In considering the relationships between price and quantity demanded, ceteris paribus directs the economist to assume that __________ .A. price increases affect quantityB. quantity increases affect pricesC. neither price nor quantity affect demandD. all other variables remain unchangedQuestion 6 of 205.0/ 5.0 PointsSuppose that in a month the price of oranges increases from $.75 to $1. At the same time, the quantity of oranges demanded decreases from 100 to 80. The price elasticity of demand for oranges (calculated using the initial value formula) is __________ .
Question 7 of 205.0/ 5.0 PointsAt Tony's Restaurant, the quantity of large pizzas sold is 200 at the unit price $15. Suppose the price elasticity of demand for pizzas by the initial value method is 1.5, and you would like to increase the quantity sold to 250. Then the new price must be __________ .
Question 8 of 205.0/ 5.0 PointsThe price elasticity of demand reflects the responsiveness of __________ .Question 9 of 205.0/ 5.0 PointsThe price of apples increases from $1 to $1.10. At the same time, the quantity of apples
demanded decreases from 100 to 90. The price elasticity of demand for apples (calculated using the initial value formula) is __________ .A. 0.02B. 0.9C. 1D. 1.1