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Elasticity Flashcards | StudBud

Explore/Elasticity

Elasticity

5 terms·StudBud Administration·91 plays

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Questions 5

Answers

1
What is elasticity of demand?
Variable response to price change
Producer response to price change
Consumer response to price change
Has no relationship to price
2
An increase in demand for a product whose supply is perfectly inelastic will:
increase price but leave quantity unchanged
increase quantity and price proportionally
increase quantity but leave price unchanged
leave both price and quantity unchanged
3
What is elasticity of supply?
No relationship to price change
Consumer response to price change
Variable response to price change
Producer response to price change
4
A good rises in price from $3.90 to $4.10, the quantity demanded falls from 210 to 190. Ed?
1.11
.9
.5
2
5
If the short run supply of baseball hats is perfectly inelastic:
the short-run supply curve graph is a vertical line
the price elasticity coefficient of supply is infinite
the short-run supply curve graph is a horizontal line
the price elasticity coefficient of supply is one