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TRISTAN AND MARLEY QUIZ! Flashcards | StudBud

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TRISTAN AND MARLEY QUIZ!

10 terms·StudBud Administration·11 plays

WE WILL TEST YOUR FORMULA KNOWLEDGE!

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Questions 10

Answers

1
IF A PRODUCT HAS A PED OF 1.5 A 10% INCREASE WILL LEAD TO A 15% RISE IN DEMAND
FALSE
TRUE
2
WHAT IS NOT A FACTOR THAT WILL INFLUENCE THE PRICE ELASTICITY OF DEMAND OF A PRODUCT
TIME PERIOD
BIRTH RATE
INCOME
NUMBER OF SUBSTITUTES
3
WHAT IS THE FORMULA FOR PRICE ELASTICITY OF DEMAND?
% CHANGE IN QUANTITY SUPPLIED ÷ % CHANGE IN TAX
% CHANGE IN QUANTITY SUPPLIED ÷ % CHANGE IN INCOME
% CHANGE IN QUANTITY SUPPLIED ÷ % CHANGE IN PRICE
% CHANGE IN QUANTITY DEMANDED ÷ % CHANGE IN PRICE
4
WHAT IS NOT A FACTOR THATS INFLUENCE THE PRICE ELASTICITY OF SUPPLY?
TIME
ALL OF THEM ARE A FACTOR
FACTOR IMMOBILITY
FACTOR IMMOBILITY
5
WHO DEFINED ELASTICITY OF DEMAND?
DR. DRE
DR. HOLDER
DR. SHAKEHAM
DR. MARSHALL
6
WHAT IS THE FORMULA FOR CROSS ELASTICITY OF DEMAND?
% CHANGE IN QUANTITY DEMANDED ÷ % CHANGE IN SUPPLY
% CHANGE IN QUANTITY SUPPLIED ÷ % CHANGE IN PRICE
PED × XED
% CHANGE IN DEMAND OF GOOD 'A' ÷ % CHANGE IN PRICE OF 'B'
7
WHAT IS THE FORMULA FOR PRICE ELASTICITY OF SUPPLY
% CHANGE IN QUANTITY DEMANDED ÷ % CHANGE IN PRICE
% CHANGE IN QUANTITY DEMANDED ÷ % CHANGE IN INCOME
% CHANGE IN QUANTITY SUPPLIED ÷ % CHANGE IN INCOME
% CHANGE IN QUANTITY SUPPLIED ÷ % CHANGE IN PRICE
8
A PRODUCT WITH FEW SUBSTITUTES IS LIKELY TO BE MORE PRICE ELASTIC
FALSE
TRUE
9
A FIRM HAS A PES OF 0.7. IF THE QUANTITY SUPPLIED IS UP BY 40%, WHAT IS THE % CHANGE IN PRICE
28%
21%
50%
CANNOT CALCULATE
10
WHAT IS THE EQUATION FOR INCOME ELASTICITY OF DEMAND?
% CHANGE IN QUANTITY DEMANDED ÷ % CHANGE IN INCOME
% CHANGE IN QUANTITY DEMANDED ÷ % CHANGE IN PRICE
NONE OF THEM
% CHANGE IN PRICE ÷ % CHANGE IN QUANTITY DEMANDED