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Elasticity predictions
Elasticity predictions
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quiz on elasticity coefficients
Flashcards
25 cards
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Questions
25
Answers
1
What is the coefficient of cigarettes?
.35
1.7
3.2
2
What is the coefficient of tomatoes?
.1
1.7
4.6
3
If the percentage increase in price is 15 percent, and the price elasticity of demand is -3
quantity demand will decrease by 45%
quantity demand will increase 5%
quantity demand will increase by 45%
quantity demand will decrease by 5%
4
If the price changes for gasoline, the reaction would be..
elastic
perfectly inelastic
inelastic
none of the answers
5
If the price changes for insulin being sold at one of 6 stores, the reaction would be..
inelastic
elastic
6
If the price changes for vacation to Europe, the reaction would be..
elastic
both
inelastic
neither
7
What is the coefficient of toothpicks?
.1
2.5
1
8
If the price changes for a new car, the reaction would be..
elastic
inelastic
neither
9
What is the coefficient of tableware?
1.1
.65
4
10
If the price changes for pork chops, the reaction would be..
neither
elastic
inelastic
11
What is the coefficient of housing?
1.7
.9
2.9
12
What is the coefficient of coffee?
1
.25
1.8
13
What is the coefficient of gasoline?
.2
2.8
1.1
14
What is the coefficient of electricity?
1
2.4
.1
15
What is the coefficient of automobiles?
.7
1.2
3.1
16
Rank the following items in terms of elasticity from MOST elastic, to least elastic
coffee, hot beverages, Peets' coffee
Peets' coffee, coffee, hot beverages
hot beverages, coffee, Peets' coffee
coffee, hot beverages, Peets' coffee
17
What is the coefficient of Chevrolet automobiles?
1.4
.6
4
18
Which of the following goods would have the most inelastic demand?
big screen TV
luxury cars
bread
ski vacations
19
What is the coefficient of physician services?
2.9
.6
1.7
20
If the price changes for insulin, the reaction would be..
elastic
inelastic
21
What is the coefficient of movie tickets?
2.5
1
.7
22
If the price changes for salt, the reaction would be..
inelastic
elastic
23
If the price changes for gasoline, the reaction would be..
none of the answers
indescribable
eloquent
perfectly inelastic
24
What is the elasticity of Salt?
2.5
.1
1.1
25
Airline fares are jumping up 20%. Business travelers _____ change; vacationers react ________
inelastic/inelastic
elastic/inelastic
inelastic/elastic
elastic/elastic
