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Which of these is not a reason why producers and governments need to know about PED?

When PES of a product = Infinity, supply is...

Price Elasticity

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Economics IGCSE

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Questions 11

Answers

1
When PES of a product = Infinity, supply is...
Perfectly Price Elastic
Perfectly Price Inelastic
Unitary Elastic
Click me if you hate economics
2
Which of these is not a reason why producers and governments need to know about PED?
Price discrimination
Sales tax
Creating spare capacity
Pricing strategies
3
Which way is a perfectly inelastic supply curve oriented?
Vertical
At 45º pointing to the left
At 45º pointing to the right
Horizontal
4
If the price elasticity of demand for a pencil is 0.275649326, it is:
Unitary Elastic
Inelastic
Elastic
WHO CARES IT'S JUST A PENCIL!!!!!
5
Which of these is not a factor affecting PES?
Degree of spare productive capacity
Time
Level of stocks
Proportion of income
6
How elastic is this demand curve?
Inelastic
Enough to stretch a rubber band
Unitary
Elastic
7
Which of these products is price elastic?
Cigarette
Petrol
Coca-Cola
Wine
8
Which of these is not a factor affecting PED?
Durability
Degree of spare productive capacity
Advertising and brand loyalty
Substitutes
9
How do you calculate price elasticity of demand?
% change in price ÷ % change in supply
% change in supply ÷ % change in price
% change in demand ÷ % change in price
% change in price ÷ % change in demand
10
Which of these is a factor affecting PES?
Necessity
Habits, addictions, fashion and tastes
Income
Level of stocks
11
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