Liberty University ECON 213 Quiz 7 Complete Solutions Correct Answers Key

Preview (4 of 10 Pages)

100%

Purchase to unlock

Liberty University ECON 213 Quiz 7 Complete Solutions Correct Answers Key - Page 1 preview image

Loading page ...

Liberty University ECON 213Quiz 7Complete Solutions Correct Answers KeyTwo versionsQuestion 1 If the price elasticity of supply is 1.5, we know that supply is:Question 2 Refer to the accompanying table. When the price drops from $5 to $3, price elasticityof demand for sushi (using the midpoint method) at an income of $30,000 is:Question 3 If the income elasticity of demand for noodles is–2 and the percentage change in thequantity consumed is 5%, what is the percentage change in income?Question 4 At higher prices, the price elasticity of demand is likely to be __________, whereas it islikely to be __________ at lower prices.Question 5 If the crossprice elasticity between Good A and Good B is–1.5 and the percentagechange in quantity demanded of Good B is 15%, what is the percentage change in the price ofGood A?Question 6 Super Economy Brand products have an income elasticity of–1.4. Thus, these are__________ goods.Question 7 To keep the percentage change in quantity demanded equally proportional to thepercentage change in price when the prices rise by 5%, a consumer would need to ________quantity demanded by ________.Question 8 If the percentage change in the quantity consumed of pizza is 8% and the percentagechange in income is 2%, what is the income elasticity of demand for pizza?Question 9 Demand for which of the following goods/services is likely to be the LEAST elastic in aMinnesota winter?Question 10 The income elasticity of demand for a good measures the responsiveness of ________to a change in ________.Question11Whilethere are manypizzaplacesinCurtisville,Pappy’sPizzaisknownforitsdistinctivedeepdishpizzawithanalmostpielikecrust,whereasMomma’sPizzaPizzazziscomparable to manyother restaurants.Pappy’sis likelyto findthatit can ________ pricestoincrease total revenue, and Mommas must ________ prices to increase total revenue.Question 12 The initial price of picture frames is $6 and suppliers offer 20 frames. When the price

Preview Mode

This document has 10 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

Liberty University ECON 213 Quiz 3 Complete Solutions Correct Answers Key

Liberty University ECON 213 Quiz 9 Complete Solutions Correct Answers Key

Liberty University Econ 213 Problem Set 2 Complete Solutions Correct Answers Key

Liberty University ECON 213 Quiz 10 Complete Solutions Correct Answers Key

Liberty University ECON 213 Quiz 11 Complete Solutions Correct Answers Key

Liberty University ECON 213 Quiz 1 Complete Solutions Correct Answers Key

Liberty University ECON 213 Quiz 6 Complete Solutions Correct Answers Key

Liberty University ECON 213 Quiz 2 Complete Solutions Correct Answers Key

Liberty University ECON 213 Quiz 8 Complete Solutions Correct Answers Key

Liberty University ECON 213 Quiz 4 Complete Solutions Correct Answers Key

Company

Explore

Study Tools