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