stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
MODULE 01 DEMAND & SUPPLY ELASTICITY Flashcards | StudBud
Explore
/
MODULE 01 DEMAND & SUPPLY ELASTICITY
MODULE 01 DEMAND & SUPPLY ELASTICITY
5 terms
·
StudBud Administration
·
2 plays
QUIZ QUESTIONS FOR MODULE 01 DEMAND & SUPPLY ELASTICITY
Flashcards
5 cards
F
Practice quiz
P
Host live
L
Questions
5
Answers
1
Price elasticity of demand measures howmuch:
sellers respond to changes in P
worse off consumers are
buyers respond to changes in P
buyers respond to changes in income
2
If consumers buy more of a substitute ofX:
(iii) D for X will shift to the left
(ii) D for good X will shift right
both (i) and (iii)
(i) they will buy less of X
3
Consumers respond very much to a change in P of steak. To increase revenue:
reduce costs
leave P alone
lower P
raise P
4
Helen leaves her $50,000-a-yearjob, borrows $120,000, paying 10% p.a. interest. Her Op Cost?
$62,000
$170,000
$50,000
$70,000
5
Price of fertiliser increases. Ceteris paribus, in market for potatoes:
S shifts right
S shifts left
D shifts right
D shifts left
