elasticity applications

Airlines distinguish between _____ and _____ travelers by asking questions about _____

If demand is elastic, a business can earn ____ revenue by ____ the product's price.

With inelastic demand, prohibition may be extremely costly to enforce and generate increased incentives for violence

Unit taxes work best when applied to goods with _____ demand, thus placing the greater burden of the tax on _____

Imposing a unit tax on a product (such as the gas tax) will always cause the price to rise by the amount of the tax.

In S & D graph analysis, placing a commodity (unit) tax on a product causes demand to _____; or, supply to _____

The price of gasoline rises 20%, but consumption declines by just 5%. The coefficient of demand elasticity is:

For two demand or supply curves that cross each other, the steeper curve is more inelastic.

If a product's supply curve is elastic, an increase in demand will cause price to ______ and quantity to______.

Considering elasticity of demand, which product would be easiest for the government to prohibit (make illegal)?