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Elasticity
Elasticity
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Elasticity
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
What abbreviation for income elasticity of demand is
YED
IED
2
Of these goods, which could have an XED of 3?
Pens and apples
Kindles and books
MP3 players and earphones
3
PES measures the responsiveness of...
producers to a surplus or shortage
consumers to a change in price
producers to a change in price
supply
4
Which good is most likely to have a YED of -3?
Bread
Taxi journeys
DVDs
Tesco Value beans
5
Of these goods, which could have an XED of -3
Kindles and books
MP3 players and earphones
Pens and apples
6
A PES of 8 shows supply of the good is
price inelastic
price elastic
7
Which good is most likely to have a PED of -0.2?
Petrol
Mars bars
8
An XED of -2 shows the goods are
substitutes
complements
9
An XED of 2 shows the goods are
complements
substitutes
10
Of these goods, which could have an XED of 0?
Kindles and books
MP3 players and earphones
Pens and apples
11
Which good is most likely to have a PED of -2.2?
Mars bars
Petrol
12
A YED of 2 shows the good is
inferior
normal
13
A PED of -1.2 shows demand for the good is
price inelastic
price elastic
14
A PES of 0.8 shows supply of the good is
price elastic
price inelastic
15
XED measures the responsiveness of...
substitutes
consumers when things get more expensive
demand for one good in response to the price
demand for one good in response to the price of another good
16
Which PED figure is most likely for this demand line?
-0.1
0.1
0
-100
17
What is the PES when the price falls from 25 to 20?
-0.5
-2.5
50%
-1
18
PED measures the responsiveness of...
consumers to a change in demand
producers to a change in price
consumers to a change in price
producers to a change in supply
19
Which good is most likely to have a PES of 0.2?
Sandwiches
Cocoa
20
Which good is most likely to have a YED of 2?
Taxi journeys
Tesco Value beans
21
A PED of -0.8 shows demand for the good is
price inelastic
price elastic
22
YED measures the responsiveness of...
demand to a change in income
demand to a change in price
producers to a change in income
income to a change in demand
23
A YED of -2 shows the good is
inferior
normal
