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Price Elasticity of Supply
Which diagram relatively elastic supply?
The relation between price and supply is
Price Elasticity of Supply
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Year 1 Economics
Flashcards
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Questions
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Answers
1
The relation between price and supply is
negative
positive
2
Which diagram relatively elastic supply?
D
C
A
B
3
Goods that have NO change in supply as price changes are called
relatively elastic
relatively inelastic
perfectly elastic in supply
perfectly inelastic in supply
4
If the PES value is 0.2, the good has what kind of elasticity of supply?
Inelastic
Elastic
5
Demand is price inelastic if
a change in price results in a bigger % change in demand
a change in price results in a smaller % change in demand
A change in demand results in a smaller % change in price
A change in demand results in a bigger % change in price
6
If pencils become more expensive in December what is likely to happen?
There will be a lot more available in the market
There will be almost the same amount available in the market
7
Therefore, PES will always be
equal to or less than 0
equal to 0
negative
equal to or more than 0
8
A product like a car has what kind of elasticity of supply in the short run?
Elastic
Inelastic
9
Supply is relatively price inelastic if
PES lies between 0 and 1
PES lies between 1 and infinity
PES =0
PES is less than 0
10
Supply is price elastic if
a change in price results in a smaller % change in supply
a change in price results in a bigger % change in supply
11
Pencils will have what kind of price elasticity of SUPPLY?
Inelastic (supply will not change much to a change in price)
Elastic (supply will change a lot to a change in price)
12
Price Elasticity of demand is calculated by
%change in price/%change in demand
%change in demand/%change in price
change in demand/change in price
demand/price
13
Which diagram relatively inelastic supply?
A
B
D
C
14
If mangoes become more expensive in December what is likely to happen?
There will be almost the same amount available in the market
There will be a lot more available in the market
15
Price Elasticity of demand is the responsiveness of
demand to a change in income
price to a change in demand
demand to a change in price
price to a change in supply
16
Which diagram shows perfectly inelastic supply?
D
A
C
B
17
If the PES value is 2.7, what kind of PES is this?
Elastic
Inelastic
18
Supply is price inelastic if
a change in price results in a bigger % change in supply
a change in price results in a smaller % change in supply
A change in supply results in a smaller % change in price
A change in supply results in a bigger % change in price
19
Demand is relatively price inelastic if
PED lies between -1 and -infinity
PED =0
PED lies between 0 and -1
PED is greater than 0
20
Price Elasticity of supply is the responsiveness of
supply to a change in price
price to a change in supply
demand to a change in price
supply to a change in demand
21
A product like mangoes will have what kind of price elasticity of SUPPLY?
Inelastic (supply will not change much to a change in price)
Elastic (supply will change a lot to a change in price)
22
Price Elasticity of supply is calculated by
%change in supply /%change in price
%change in price/%change in supply
%change in supply/ % change in demand
change in supply/change in price
