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Exam 6: Describing Supply and Demand: Elasticities

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Question 71

Multiple Choice

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For which of the following goods is the demand curve likely to be most inelastic?

A) Hershey's Symphony chocolate bar
B) Chocolate bars with nuts
C) Candy
D) Chocolate bars

E) A) and B)
F) A) and C)

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Question 72

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If average movie ticket prices rise by about 5 percent and attendance falls by about 2 percent, other things being equal, the elasticity of demand for movie tickets is about:

A) 0.0.
B) 0.4.
C) 0.6.
D) 2.5.

E) B) and C)
F) B) and D)

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Question 73

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If the price of a good goes up by 5 percent and, in response, the quantity demanded falls by 15 percent, the price elasticity of demand will be:

If the elasticity of demand for restaurant meals is 2.27, the demand for restaurant meals is:

If an economist observed that higher hot dog prices lead to a decrease in the demand for chili, she most likely would conclude that:

If demand is highly elastic and supply shifts to the left:

Which of the following most likely correctly orders goods from most to least demand elastic?

If supply is highly inelastic and demand shifts to the right:

If the demand for agricultural output is highly inelastic, an improvement in the technology used in the agricultural industry most likely will cause a:

If average movie attendance is 250 million when prices are $9 a ticket and 200 million when prices are $11 a ticket, the elasticity of demand for movie tickets is about:

The price elasticity of demand for insulin by diabetic patients is much smaller than the price elasticity of demand for leather shoes. This is an example of how the price elasticity of demand:

Refer to the graph shown. Demand is inelastic on line segment:

The president of a college has been told that when they raised their tuition by 15 percent the previous year, total revenue from tuition remained unchanged. Assuming the change in revenue is due to the change in tuition only, the president could conclude that demand for that college, over that tuition range, must be:

In general, the greater the elasticity, the:

Refer to the following table to answer the question. Demand is inelastic between: $\begin{array} { | c | c | } \hline \text { Price } & \text { Quantity Demanded } \\\hline \$ 6.00 & 18 \\\hline \$ 8.00 & 14 \\\hline \$ 10.00 & 10 \\\hline \$ 12.00 & 6 \\\hline \$ 14.00 & 2 \\\hline\end{array}$

The demand for a good is inelastic. Which of the following would be the most likely explanation for this?

Refer to the following graph. Elasticity is greatest at point:

Price elasticity of demand is the:

Refer to the graph shown. When price declines by 11 percent, quantity supplied falls by 8 percent. Which curve best demonstrates the elasticity in this example?

An economist estimates that on average, for every 1 percent increase in income, the quantity of European cars demanded increases by 1.93 percent. From this information one can conclude that European cars are: