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Applied Sciences,Chemistry,Communications,Economics,Engineering,Environmental science Hide all
Teaching Since: Apr 2017
Last Sign in: 273 Weeks Ago
Questions Answered: 352
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    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 05 May 2017 My Price 9.00

What is the price elasticity

1.What is the price elasticity of demand if raw sugar prices rose by 3% and raw sugar consumption declined by 2%?

a.0.54

b.0.61

c.0.67

d.0.72

2.What is the price elasticity of demand if there is a 10% increase in the price of cigarettes reduces smoking among 8th to 10th graders by 10%?

a.0.83

b.1.0

c.1.06

d.1.3

3.What is the price elasticity of demand if the price of luxury cars increases by 4% while the quantity demanded decreases by 8%?

a.0.86

b.0.96

c.1.0

d.2.0

4.A price elasticity of demand of 0.64 is:

a.Elastic

b.Inelastic

c.Unit elastic

d.Unobtainable

5.A price elasticity demand of 1.35 is:

a.Elastic

b.Inelastic

c.Unit elastic

d.Unobtainable

6.A price elasticity of demand of 1.0 is:

a.Elastic

b.Inelastic

c.Unit elastic

d.Unobtainable

7.Which of the following products is likely to have more elastic demand?

a.Soda

b.Coffee

c.Diet caffeine-free Pepsi

d.Juice

8.Which of the following products is likely to have less elastic demand?

a.Fur coats

b.Bread

c.Yachts

d.Filet Mignon

9.A good, that as a result of changed conditions, may replace each other in use (or consumption). This means a goodAc€?cs demand is increased when the price of another good increases. This type of good is a:

a.Complement

b.Luxury

c.Necessity

d.Substitute

10.Goods that are used in conjunction with other goods. A fall in the price of a good will increase the demand for this type of good:

a.Complement

b.Luxury

c.Necessity

d.Substitute

Answers

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Status NEW Posted 05 May 2017 01:05 PM My Price 9.00

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