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- The table below shows the demand schedule for museum admissions in a small city. Price (per visit per person) Between the prices of $9 and $10, the elasticity of demand is O A. 0.68. B. 0.88. C. 1.46. D. 1.13. E. 0. $10 $9 $8 $7 $6 Quantity Demanded (thousands of person-visits per year) 6 7 8 9 10While analyzing the semiconductor industry you notice that when the price of ultrapure water rises 2%, the demand for chip grade silicon declines 8%. From this data what appears to be true? O A Chip grade silicon is a substitute to Ultrapure water with a cross-price elasticity of +4. O B. Chip grade silicon is a complement to Ultrapure water with a cross-price elasticity of +0.25 O C. Chip grade silicon is a complement to Ultrapure water with a cross-price elasticity of-4. O D. Chip grade silicon is a substitute to Ultrapure water with a cross-price elasticity of -0.25QUESTION 10 If the price elasticity of demand for a product is 2.5, then a price cut from $2.00 to S1.80 will: O A. increase the quantity demanded by about 2.5% O B. decrease the quantity demanded by about 2.5% O C.increase the quantity demanded by about 25% O D. increase the quantity demanded by about 250%
- When the price of a good increased by 50 percent, quantity demanded decreased by 100 percent. What is the absolute value of the price elasticity of demand? Select one: O a. 0.04 Ob 25 O c. 100 O d. 2 Assume the price of good Y increases by 2% and the cross price elasticity of demand with good X is 1. What economic classification describes good X in this situation? Select one: O a. An inferior good O b. A complement O c. A substitute Od. A normal goodIf a 6% increase in price leads to a 12% decrease in quantity, then we can conclude that the price elasticity of demand is... -1 O-5 -2 -3 Question 19 If we know that the elasticity of demand for cigarettes is -0.5, and the government wants to decrease the quantity of cigarettes demanded by 30%, then what must they do to the price? increase it by 60% decrease it by 60% increase it by 15%Figure 5.6 shows a vertical demand curve. The price elasticity of demand in the figure below is Figure 5.6 Price O 1 -100 O-1 O infinity Quantity
- If cheesecake is a normal good, then which of the following could be the value of income elasticity? +0.2 +0.8 +1.5 All the given answers.3 e d C A pizza restaurant raises the price of their pizza by 10%. As a result, they witness a 20% decrease in the quantity demand of their pizza. What is the price elasticity of demand for this pizza restaurant? O-.25 0-2 O-0.5 O-10 C $ r % 5 t g Oll 6 b y h & 7 U 8 i 3 ( 9 k O OPrice $7 | 6. 8. 10 12 14 Quantity What is the price elasticity of demand when the price is $2? O-5 -.5 -2 1. %24
- 19. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good. PRICE (Dollars per unit) 210 105 75 0 4 Region Between W and X Between X and Y Between Y and Z 10 O True O False For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. Elastic QUANTITY (Units) O 28 W Demand Inelastic Unit Elastic O O O O ? True or False: The slope of the demand curve is not equal to the value of the price elasticity of demand.The following graph shows the demand for a good. PRICE (Dollars per unit) 70 ++ 35 25 10 0 OO +-+- 1 14 Region Between W and X 6 Between X and Y Between Y and Z O True O False For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. I EL 15 21 Elastic O O QUANTITY (Units) W Inelastic Unit Elastic O O O Demand O True or False: The slope of the demand curve is equal to the value of the price elasticity of demand. (?)F4 O % 5 Price 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 50 Question 7 (2 points) E 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Quantity If the price were to be $65, then this market is experiencing an ___ in the amount of excess supply, 20 units excess supply; 30 units excess demand, 20 units excess demand; 30 units F5 Market for Laptop Chargers A 6 F6 & 7 F7 * 8 F8 →Demand →→-Supply F9 F10 ins F11 1 1 30°F Pri Se