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Duplicate of Elasticity Flashcards | StudBud

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Duplicate of Elasticity

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Elasticity Review

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Questions 6

Answers

1
Along the elastic portion of a demand curve, if price falls,
Total revenue remains unchanged
Total revenue rises
Total revenue falls
2
All of the following would make the demand for a good more elastic except
The good represents a small portion of one's income
Longer time period under consideration
The good is a luxury
There are many substitutes for the good
3
Calculate elasticity of demand between points A & B
-3
-2.5
-1.4
-.70
4
Price Elasticity of Demand measures
responsiveness of weight gain with respect to pastries
responsiveness of quantity demanded to a change in income
responsiveness of quantity demanded to a change in price
responsiveness of price to a change in quantity demanded
5
Which of the following would not make the supply of a good more elastic?
The good represents a small share of market for inputs
Global supply
Per-Unit costs do not change much with expansion of output
Longer time period under consideration
6
Calculate elasticity of supply
2.17
.27
1.44
4.38