The price elasticity of demand equals the slope of the demand curve. t/f

can you help me with these microeconomics t/f questions.

The price elasticity of demand equals the slope of the demand curve. t/f
the larger the portion of a persons total budget spent on a good, the more inelastic the demand for the good. t/f
if the demand for farm products is income elastic; that would mean that farm products were necessity. t/f
for hockey memorabilia fans, the puck with which Sidney Crosby scored the Golden Goal in 2010 is perfectly elastic In supply. t/f
if the price of a pumpkin rises and consumers total expenditure on pumpkins increases, then the demand for pumpkin Is inelastic. t/f

Solutions

Expert Solution

The price elasticity of demand equals the slope of the demand curve. False
Price elasticity = -dq/dp x p/q
the larger the portion of a persons total budget spent on a good, the more inelastic the demand for the good. False
The large the porition, the more inelastic the demand
if the demand for farm products is income elastic; that would mean that farm products were necessity. False
If it was inelastic, it would mean it was necessity
for hockey memorabilia fans, the puck with which Sidney Crosby scored the Golden Goal in 2010 is perfectly elastic In supply. False
There is only one, so its perfectly inelastic
if the price of a pumpkin rises and consumers total expenditure on pumpkins increases, then the demand for pumpkin Is inelastic. True

Rahul Sunny answered 1 year ago

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