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ECON 213 quiz 7 complete solutions correct answers key
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Liberty University ECON 213 quiz 7 complete solutions correct answers key

 

Question 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 elasticity of 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 the quantity 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 is likely to be __________ at lower prices.

Question 5 If the cross­price elasticity between Good A and Good B is –1.5 and the percentage change in quantity demanded of Good B is 15%, what is the percentage change in the price of Good 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 the percentage 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 percentage change 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 a Minnesota winter?

Question 10 The income elasticity of demand for a good measures the responsiveness of ________ to a change in ________.

Question 11 While there are many pizza places in Curtisville, Pappy’s Pizza is known for its distinctive deep­dish pizza with an almost pie­like crust, whereas Momma’s Pizza Pizzazz is comparable to many other restaurants. Pappy’s is likely to find that it can ________ prices to increase 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 falls to $4, suppliers offer only 10. The price elasticity of supply is:

Question 13 A producer knows that the price elasticity for his product is –0.5. He wants to increase quantity demanded by 30%. By what percentage does he need to change the price?

Question 14 A 15% increase in the price of cookies results in a 9% decrease in the quantity of cookies sold. The revenue received by cookie suppliers will ________ because the price elasticity of demand for cookies is ________.

Question 15 If the owner of Sally’s Salty Treats finds that, in the long run, she can trade one type of input for another, the price elasticity of supply is:

Question 16 Which one of the following pairs of goods is likely to have a negative cross­price elasticity of demand?

Question 17 Winged Wonders is a specialty store that sells butterfly ornaments. The owner wants to increase her total revenue and knows that the price elasticity of demand for her product is –0.4. What should she do to her price?

Question 18 We would expect to see a positive cross­price elasticity between:

Question 19 The Sunny Softball league found that, when it changed its ticket prices from $10 to $5, there was a more than proportional but not infinite increase in attendance. The price elasticity of demand is:

Question 20 If the cross­price elasticity of demand between Good A and Good B is 3, the price of Good B increases, and the price elasticity of demand for Good B is inelastic, we can expect to see a(n) ________ change in the quantity demanded for Good A.

 

Version 2

Question 1 Over time, the price elasticity of supply for sunglasses will become more:

Question 2 Demand is almost always more price elastic in the long run because:

Question 3 If the income elasticity of demand is 1.2, the good will be a(n):

Question 4 Winged Wonders is a specialty store that sells butterfly ornaments. The owner wants to increase her total revenue and knows that the price elasticity of demand for her product is – 0.4. What should she do to her price?

Question 5 If a business finds that demand for its good is very price elastic, it knows that:

Question 6 While there are many pizza places in Curtisville, Pappy’s Pizza is known for its distinctive deep­dish pizza with an almost pie­like crust, whereas Momma’s Pizza Pizzazz is comparable to many other restaurants. Pappy’s is likely to find that it can ________ prices to increase total revenue, and Mommas must ________ prices to increase total revenue.

Question 7 When the price of erasers increases from $1.50 to $2.50, the quantity demanded of pencils is unchanged. The cross­price elasticity of demand between erasers and pencils is ________ because erasers and pencils ________.

Question 8 If the owner of Sally’s Salty Treats finds that, in the long run, she can trade one type of input for another, the price elasticity of supply is:

Question 9 Refer to the information in the accompanying table. Without any calculations, you know that sushi is a(n):

Question 10 If the cross­price elasticity of demand between Good A and Good B is –2, the price of Good B increases, and the price elasticity of demand for Good B is elastic, we can expect to see a ________ change in the quantity demanded for Good A.

Question 11 Which one of the following pairs of goods is likely to have a positive cross­price elasticity of demand?

Question 12 Use the following scenario to answer the questions that follow: Dairy Dream, a local ice cream store, finds that it sells out of ice cream sandwiches at the current price of $1. It raises the price to increase its revenues and finds that no one buys ice cream sandwiches anymore. The owners raised the price because they believed that the demand for ice cream sandwiches is:

Question 13 The introduction of new gaming systems that can compete effectively with the Nintendo console will make the demand for the Nintendo console become:

Question 14 A local merchant raises the price of his good and finds that his total revenues increase. The demand for this good is:

Question 15 Refer to the accompanying table. When the price drops from $5 to $3, price elasticity of demand for sushi (using the midpoint method) at an income of $30,000 is:

Question 16 When the price elasticity of demand is elastic, a consumer is:

Question 17 For which of the following products should sellers raise the price in order to increase total revenue from college students?

Question 18 Shawna wins the lottery and her income increases by 60%. She used to buy 10 pints of cottage cheese per month and now she buys 12 pints. Her income elasticity of demand for cottage cheese is ________, making it a(n) ________ good.

Question 19 Super Economy Brand products have an income elasticity of –1.4. Thus, these are __________ goods.

Question 20 Which one of the following pairs of goods is likely to have a negative cross­price elasticity of demand?

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ECON 213 quiz 7 complete solutions correct answers key
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Liberty University ECON 213 quiz 7 complete solutions correct answers key Two versions Question 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 elasticity of 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 the quantity 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 is likely to be __________ at lower prices. Question 5 If the cross¬price elasticity between Good A and Good B is –1.5 and the percentage change in quantity demanded of Good B is 15%, what is the percentage change in the price of Good 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 the percentage 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 percentage change 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 a Minnesota winter? Question 10 The income elasticity of demand for a good measures the responsiveness of ________ to a change in ________. Question 11 While there are many pizza places in Curtisville, Pappy’s Pizza is known for its distinctive deep¬dish pizza with an almost pie¬like crust, whereas Momma’s Pizza Pizzazz is comparable to many other restaurants. Pappy’s is likely to find that it can ________ prices to increase 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 falls to $4, suppliers offer only 10. The price elasticity of supply is: Question 13 A producer knows that the price elasticity for his product is –0.5. He wants to increase quantity demanded by 30%. By what percentage does he need to change the price? Question 14 A 15% increase in the price of cookies results in a 9% decrease in the quantity of cookies sold. The revenue received by cookie suppliers will ________ because the price elasticity of demand for cookies is ________. Question 15 If the owner of Sally’s Salty Treats finds that, in the long run, she can trade one type of input for another, the price elasticity of supply is: Question 16 Which one of the following pairs of goods is likely to have a negative cross¬price elasticity of demand? Question 17 Winged Wonders is a specialty store that sells butterfly ornaments. The owner wants to increase her total revenue and knows that the price elasticity of demand for her product is –0.4. What should she do to her price? Question 18 We would expect to see a positive cross¬price elasticity between: Question 19 The Sunny Softball league found that, when it changed its ticket prices from $10 to $5, there was a more than proportional but not infinite increase in attendance. The price elasticity of demand is: Question 20 If the cross¬price elasticity of demand between Good A and Good B is 3, the price of Good B increases, and the price elasticity of demand for Good B is inelastic, we can expect to see a(n) ________ change in the quantity demanded for Good A. Version 2 Question 1 Over time, the price elasticity of supply for sunglasses will become more: Question 2 Demand is almost always more price elastic in the long run because: Question 3 If the income elasticity of demand is 1.2, the good will be a(n): Question 4 Winged Wonders is a specialty store that sells butterfly ornaments. The owner wants to increase ...

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