Cross Price Elasticity - Revision

Cross Price Elasticity - Revision

11th Grade

14 Qs

quiz-placeholder

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Cross Price Elasticity - Revision

Cross Price Elasticity - Revision

Assessment

Quiz

Other

11th Grade

Medium

Created by

Ashley Koon

Used 125+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The quantity of peanuts supplied increased from 40 tons/week to 60 tons/week when the price of peanuts increased from $4/ton to $5/ton. The price elasticity of supply for peanuts over this price range is:
Elastic
Inelastic
Unit Elastic
Perfectly Inelastic

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a 10 percent increase in the price of a good leads to a 25 percent decrease in the quantity demanded of a good, demand is:
Relatively inelastic
Relatively elastic
Perfectly elastic
Perfectly inelastic

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

 If the price elasticity of demand for a product equals 1, as its price rises the:
Quantity demanded does not change.
 Total revenue increases.
 Total revenue does not change
 Quantity demanded increases.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A 10 percent decrease in income decreases the quantity demanded of scented candles by 3 percent. The income elasticity of demand for scented candles is:
0.3
-0.3
3
-3.3

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price elasticity of demand is:

the ratio of the percentage change in quantity demanded to the percentage change in price.

the responsiveness of revenue to a change in quantity.

the ratio of the change in quantity demanded divided by the change in price.

the response of revenue to a change in price.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

.If demand is price elastic, then:

a rise in price will raise total revenue.

a fall in price will raise total revenue.

a fall in price will lower the quantity demanded.

a rise in price won't have any effect on total revenues.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Complementary goods have:

the same elasticities of demand.

very low price elasticities of demand.

negative cross price elasticities of demand with respect to each other.

positive income elasticities of demand.

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