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- QUESTION 9 9) Refer to the below figure. At Point C the price elasticity of demand is 1. Along line segment EC of the demand curve, the demand $4 P₁ L Ps PA Demand Number of milkshakes O A elastic OB unit elastic. OC inelastic OD. either elastic or inelastic, depending on whether price increases or decreases.Studies show that the demand for gasoline is: Oprice inelastic in both the short and long run. Oprice elastic in the short run, but inelastic in the long run. O price elastic in both the short and long run. Oprice inelastic in the short run, but elastic in the long run.If a 12% rise in the price of grape juice increases the quantity of orange juice demanded by 8%, what is the cross-price elasticity of demand for orange juice with respect to the price of grape juice? Is the demand inelastic or elastic? ion Select one: O a. 0.67 and elastic O b. 0.67 and inelastic O C. 1.50 and elastic O d. 1.50 and inelastic age Next page Australian Institute of Business
- A price elasticity of demand of -0.67 implies Select one: O a. Demand is inelastic b. Demand is elastic C. Demand is unitary elastic d. Demand is perfectly elastic14. If the price elasticity of demand is 0.6, then a 10 percent increase in the price of the good will lead to a _ in the quantity demanded. a. 6 percent increase b. 6 percent decrease c. 0.6 percent increase d. 0.6 percent decrease2. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price? The price of pens rises 5%; the quantity demanded falls 10%. a. The price of a ticket to a Boston Red Sox baseball game rises from $10 to $12 a game. The quantity of tickets sold falls from 160,000 tickets to 144,000. C. The price of an economics textbook declines from $50 to $47.50. Quantity demanded rises from 1,000 to 1,075. d The price of water beds rises from $500 to $600. Quantity demanded falls from 100,000 to 80,000.
- 2. If the price of Beer is $2 a bottle, Biff is willing to buy 30 bottles. If the price of Beer is $4 a bottle, Biff is willing to buy 20 bottles. What is Biff's Price Elasticity of Demand? Is his demand elastic or inelastic?Use the slider to explore the price elasticity of demand. Price (dollars per cup) 6 5 4 3 2 1 0 5 Unit elastic 10 15 OA. 5 and demand is elastic; 0.2 and demand is inelastic. OB. 0.2 and demand is inelastic; 5 and demand is elastic OC. 5 and demand is inelastic; 0.2 and demand is elastic OD. 0.2 and demand is elastic; 5 and demand is inelastic Price elasticity of demand = 1 Explore the elasticity in the graph and then answer the question. In the graph you have just explored, how does the price elasticity of demand change when the price rises? When the price of a latte is $1 a cup, the price elasticity of demand is elasticity of demand is Demand 20 25 30 Quantity (cups of latte per hour) and when the price is $5 a cup, the price1. If the Greyhound Bus Company expects that a decrease in bus fares on its Manchester-Boston route will raise its total revenues, it must think that the demand for bus travel between Manchester and Boston is: a. elastic b. unit elastic c. inelastic
- As more time passes, the price elasticity of gasoline O A. becomes perfectly elastic. OB. stays the same. OC. increases. E O D. decreases. OE. becomes perfectly inelastic.. If the elasticity is greater than one, is demand elasticor inelastic? If the elasticity equals zero, is demandperfectly elastic or perfectly inelastic?A decrease in supply will cause the larges) increase in price when O both supply and demand are elastic. demand is inelastic and supply is elastic.