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IB Elasticities Flashcards | StudBud
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IB Elasticities
IB Elasticities
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Answers
1
A PED of 0.5 means that a product has which type of elasticity of demand
Perfect
Unitary
Elastic
Inelastic
2
Which of the following is not a determinant of PES
Unused capacity
Consumer income
Ability to store stock
Mobility of resources
3
Which of the following would be the best example of an inferior good
Canned fruit
Organic fruit
Domestic fresh fruit
Imported fresh fruit
4
What is the key word for elasticity
Alertness
Responsivenes
Ruggedness
Sketchyness
5
A YED coefficient of 3.0 suggests that the good is
Superior
Inferior
Necessity
Luxury
6
What is the formula for calculating price elasticity of demand
%ΔQd/%ΔP
%ΔP/%ΔQd
%ΔQs/%ΔP
%ΔQd/%ΔY
7
A necessity would have the YED of
0.4
1
4.3
- 2.2
8
Which of the following is not a determinant of PED
Stock numbers
Time period
Necessity or luxury
Number of substitutes
9
What is the formula for calculating price elasticity of supply
%ΔQD/%ΔP
%ΔQS/%ΔP
%ΔQS/%ΔPES
%ΔQS/%ΔY
10
In the momentary period (immediate short run) PES equals
infinity
0
-1
1.0
11
The price elasticity of supply shown in the graph below is
Inelastic
Unitary
Elastic
Bombastic
12
An increase in the price of a good with elastic demand will cause
Revenue to increase
Revenue to decrease
No change in revenue
Costs to change
13
Which of the following is not an elasticity measured in economics
MAD
PES
PED
YED
