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Mac 1st Exam

In: Business and Management

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Micro Chapter 18 Elasticity Practice Problems Key

1. The price elasticity of demand is a measure of the: A) steepness or slope of a demand curve. B) absolute changes in quantity demanded and price. C) responsiveness of quantity demanded to a change in price. D) sensitivity of the quantity demanded for one good to a change in the price of another good. Answer: C

2. If the price elasticity of demand for a good is .75, the demand for the good can be described as: A) normal. B) elastic. C) inferior. D) inelastic. Answer: D

3. When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: A) elastic. B) inelastic. C) cross-elastic. D) unitary elastic. Answer: A

4. A straight-line downward-sloping demand curve has a price elasticity of demand which: A) decreases as price decreases. C) is zero at all prices. B) increases as price decreases. D) is unitary at all prices. Answer: A

5. Block's sells 500 bottles of perfume a month when the price is $7. A huge increase in resource costs causes price to rise to $9 and Block's only manages to sell 460 bottles of perfume. The price elasticity of demand is: A) .33 and elastic. B) 3.0 and elastic. C) .33 and inelastic. D) 3.0 and inelastic. Answer: C

6. When the price of candy bars increased from $.45 to $.55 the quantity demanded changed from 21,000 per day to 19,000 per day. In this range the price elasticity of demand for candy bars is: A) 1. B) 2. C) 0.2. D) 0.5. Answer: D

7. If price declines from $450 to $350 and, as a result, quantity demanded increases…...

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