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Elasticities Backup Flashcards | StudBud
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Elasticities Backup
Elasticities Backup
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A review of all the elasticities!
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Agricultural goods tend to have
elastic demand and inelastic supply
elastic demand and elastic supply
inelastic demand and inelastic supply
inelastic demand and elastic supply
2
If Income elasticity of demand = .5, then...
the good is normal with unit elastic demand
the good is inferior with elastic demand
the good is normal with inelastic demand
the good is normal with elastic demand
3
Teacher was born in the month of.....
November
September
October
December
4
My sister's name is....
Julie
Jennifer
Joyce
Janet
5
If price goes up by 10% and quantity demand falls by 20%....
ped = unit elastic
ped = 2
ped is inelastic
ped = .5
6
If the demand curve is a horizontal line, ped =
unit elastic
infinity
1
0
7
If you are selling a good with inelastic demand and wish to increase total revenue, you should
lower price
keep price constant
give it away free
raise price
8
A good mnemonic device to remember determinants of elasticity is
splot
splash
splat
splish
9
If you see me eating ice cream in Bad Godesberg, it will be........
coffee
pistacchio
stracciatella
cookies and cream
10
If we can identify and charge the price where ped = 1, then....
we will minimise costs
we will maximise profits
we will maximise total revenue
we will have pes = 1
11
I've never had a dog, but if I did I'd call him....
Bingo
Rex
Spot
Rover
12
According to the text, which of these foods has the highest price elasticity of supply?
cabbage
tomatoes
cucumbers
green peas
13
When defining an elasticity, it's good to use the word....
a word that sounds like these words but isn't actually one of these words
remoteness
reflectiveness
reactiveness
14
Primary commodities tend to have....
unit elastic demand
elastic demand
inelastic demand
no demand
15
A main determinant of price elasticity of supply is...
time
weather
money
space
16
If your income falls and you then buy more of good X, good X must be a....
inferior good
luxury good
xcellent good
normal good
