In: Economics
1). During January of 2007, the average price of regular unleaded gasoline in Oakland, California increased 11.0 percent. If the price elasticity of demand for gasoline was 0.13, the price hike means that the quantity demanded decreased by.
2). If a 4 percent change in the price of a good leads to a 3 percent change in quantity demanded, the price elasticity of demand equals
3). The price elasticity of demand is a measure of
4). If the price of a scooter increases by 20 percent and the quantity supplied of scooters increases by 30 percent, then the price elasticity of supply is
5). Suppose the New Orleans Saints lowers ticket prices by 13 percent and as a result the quantity of tickets demanded increases by 21 percent. This response means that the price elasticity of demand for Saints tickets is
6). Total revenue equals
7). Suppose the current price of barley is $7 per bushel and at that price 100,000 bushels are demanded. If the price of barley rises 14% and quantity demanded decreases by 23% what is the price elasticity of demand for barley?
8).
A minimum wage is an example of a
10). If the demand for insulin is inelastic, an increase in insulin prices leads to
3. The price elasticity of demand is a measure of -
6. total revenue =
8. A minimum wage is an example of a - Price floor
A price floor is the lowest legal price a commodity can be sold at. Price floors are used by the government to prevent prices from being too low. The most common price floor is the minimum wage--the minimum price that can be payed for labor.
10. If the demand for insulin is inelastic, an increase in insulin prices leads to -
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