1) If income increases by 10% and, in response, the quantity of housing demanded increases by 7%, then the income elasticity of demand for housing is A) -1. 1) B) -0.7. C) 0.7. D) 1.43. 2) For perfectly price inelastic supply. A) only a government can set the price. B) price is solely determined by demand. C) price is solely determined by supply. D) either supply or demand may set the price. 2) Refer to the information provided in Figure 5.2 below to answer the questions that follow. 10 8. 4 F 1 2 3 4 5 Q Number of hamburgers Figure 5.2 3) Refer to Figure 5.2. If the price of a hamburger is increased from $8 to $10, the price elasticity of demand equals A) -0.33 3) Use the midpoint formula. B) - 3.0 C) - 30. D) - 300 4) Refer to Figure 5.2. At Point C the price elasticity of demand is -1. Along line segment AB of the demand curve, the demand is A) inelastic. B) elastic. C) unit elastic. D) either elastic or inelastic, depending on whether price increases or decreases. 4) %24 Price

1) If income increases by 10% and, in response, the quantity of housing demanded increases by 7%, then the income elasticity of demand for housing is A) -1. 1) B) -0.7. C) 0.7. D) 1.43. 2) For perfectly price inelastic supply. A) only a government can set the price. B) price is solely determined by demand. C) price is solely determined by supply. D) either supply or demand may set the price. 2) Refer to the information provided in Figure 5.2 below to answer the questions that follow. 10 8. 4 F 1 2 3 4 5 Q Number of hamburgers Figure 5.2 3) Refer to Figure 5.2. If the price of a hamburger is increased from $8 to $10, the price elasticity of demand equals A) -0.33 3) Use the midpoint formula. B) - 3.0 C) - 30. D) - 300 4) Refer to Figure 5.2. At Point C the price elasticity of demand is -1. Along line segment AB of the demand curve, the demand is A) inelastic. B) elastic. C) unit elastic. D) either elastic or inelastic, depending on whether price increases or decreases. 4) %24 Price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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