C. the responsiveness of equilibrium price to a shift in the supply d. If the quantity demanded of coffee decreased by 10% when the price of coffee increased by 15%, the price elasticity of demand for coffee is is said to be 2. and the demand for coffee 3/2; elastic 3/2; inelastic 2/3; elastic 2/3; inelastic c. a. em: d. b, ocat If the quantity demanded of soda decreased by 15% when the price of soda increased by 15%, the price elasticity of demand for soda is 3. r the and the demand for soda is said ons to be т аг 1; unit elastic 1; inelastic 0; unit elastic 0; inelastic 15%0 C. a. b. by: If the public transit system raises its fares and experiences an increase in total revenue as a result, the demand for public transportation in this price range is: 4. unit elastic. inelastic. C. a. neither elastic nor inelastic. b. d. elastic. When the price of a hotdog at the ballpark is $2.00, quantity demanded is 1,000. When the price of a hotdog at the ballpark is $2.50, quantity demanded is 850. Using the midpoint formula, price elasticity of demand is approximately in the price of a hotdog 1.4; increases 1.4; decreases 5. so an increase total revenue. 0.7; increases 0.7; decreases C. a. d. b. Assume a wireless company has hired you as a consultant to help determine what price to charge for local weekday airtime. You establish that the price elasticity of demand for local weekday airtime is 0.62. If the goal of the company is to increase the revenue generated from the sale of weekday airtime, you should advise the company to: raise the price of weekday air time because demand is elastic. raise the price of weekday air time because demand is inelastic. lower the price of weekday air time because demand is elastic. lower the price of weekday air time because demand is inelastic. 6. a. b. C. d. Chapter 5 Assignments 99
C. the responsiveness of equilibrium price to a shift in the supply d. If the quantity demanded of coffee decreased by 10% when the price of coffee increased by 15%, the price elasticity of demand for coffee is is said to be 2. and the demand for coffee 3/2; elastic 3/2; inelastic 2/3; elastic 2/3; inelastic c. a. em: d. b, ocat If the quantity demanded of soda decreased by 15% when the price of soda increased by 15%, the price elasticity of demand for soda is 3. r the and the demand for soda is said ons to be т аг 1; unit elastic 1; inelastic 0; unit elastic 0; inelastic 15%0 C. a. b. by: If the public transit system raises its fares and experiences an increase in total revenue as a result, the demand for public transportation in this price range is: 4. unit elastic. inelastic. C. a. neither elastic nor inelastic. b. d. elastic. When the price of a hotdog at the ballpark is $2.00, quantity demanded is 1,000. When the price of a hotdog at the ballpark is $2.50, quantity demanded is 850. Using the midpoint formula, price elasticity of demand is approximately in the price of a hotdog 1.4; increases 1.4; decreases 5. so an increase total revenue. 0.7; increases 0.7; decreases C. a. d. b. Assume a wireless company has hired you as a consultant to help determine what price to charge for local weekday airtime. You establish that the price elasticity of demand for local weekday airtime is 0.62. If the goal of the company is to increase the revenue generated from the sale of weekday airtime, you should advise the company to: raise the price of weekday air time because demand is elastic. raise the price of weekday air time because demand is inelastic. lower the price of weekday air time because demand is elastic. lower the price of weekday air time because demand is inelastic. 6. a. b. C. d. Chapter 5 Assignments 99
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question 6
Transcribed Image Text:C.
the responsiveness of equilibrium price to a shift in the supply
d.
If the quantity demanded of coffee decreased by 10% when the price of coffee increased
by 15%, the price elasticity of demand for coffee is
is said to be
2.
and the demand for coffee
3/2; elastic
3/2; inelastic
2/3; elastic
2/3; inelastic
c.
a.
em:
d.
b,
ocat
If the quantity demanded of soda decreased by 15% when the price of soda increased by
15%, the price elasticity of demand for soda is
3.
r the
and the demand for soda is said
ons
to be
т аг
1; unit elastic
1; inelastic
0; unit elastic
0; inelastic
15%0
C.
a.
b.
by:
If the public transit system raises its fares and experiences an increase in total revenue
as a result, the demand for public transportation in this price range is:
4.
unit elastic.
inelastic.
C.
a.
neither elastic nor inelastic.
b.
d.
elastic.
When the price of a hotdog at the ballpark is $2.00, quantity demanded is 1,000. When
the price of a hotdog at the ballpark is $2.50, quantity demanded is 850. Using the
midpoint formula, price elasticity of demand is approximately
in the price of a hotdog
1.4; increases
1.4; decreases
5.
so an increase
total revenue.
0.7; increases
0.7; decreases
C.
a.
d.
b.
Assume a wireless company has hired you as a consultant to help determine what price to
charge for local weekday airtime. You establish that the price elasticity of demand for
local weekday airtime is 0.62. If the goal of the company is to increase the revenue
generated from the sale of weekday airtime, you should advise the company to:
raise the price of weekday air time because demand is elastic.
raise the price of weekday air time because demand is inelastic.
lower the price of weekday air time because demand is elastic.
lower the price of weekday air time because demand is inelastic.
6.
a.
b.
C.
d.
Chapter 5 Assignments
99
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