E) pertecty elastc i s 81 When the percentage change in the quartihy demanded is
ID: 1103672 • Letter: E
Question
E) pertecty elastc i s 81 When the percentage change in the quartihy demanded is ess than the percentage changs n price, then demane 8) unt elasto E) undefined 101 If the price elasticity af demand for razors s 0.32, the demand for razors is A) elastc B) unit elasic. C) inelasic D) perlecty inelastic. E) perfectly elastic. 11) WWhen the percentsge change in te quartty demanded equals the percentage change in price, hen A) inelastic B) unit elastic C) elastic D) imelewsnt E) undeined 12) * the prioe elasicity of demand for opera Sickets in Chicago is 1.0), ten the demand for opera töckets in Chicago is A unit elastic B) elastc Ci perfectly inelastc nelastc El perfectly elasic 13) Suppose a local photographer increases his prices by 8 percent and quanity demanded decreases by the same pezertsge. This set of tacts inakcans tat the demand for his services is A) inelastic B) elastc C) unt elasto D) perlecty elastc El perfectly inelasic 14) If a good has many close subosttutes, then its dermand is most hely B) inelastic C) unit elasic D) perfectly inelsstic E) elasic or inelastic dependng on whether the price of the good is increasing or decreasing 15) One reason why the demand for gascline is inelasic is because A) substtutes for gas abound. B) substiules for gas are hard to find C) gasolne is a luxury iem. people have a long tme to shop around krat robiestat use less gas. E) buses run on diesel fuel raher tan gasoine 16) The longer the time hat has elapsed since tre proe of a good changed, the A) more elastic the demand for that good B) steeper the demand curve. C) less elastc the demand for that good. D) smaler the amount of that good bought El fewer substutes avalable for the good 17) The demand for a necessity generallys L,very elastic elaticExplanation / Answer
9.
When the percentage change in the quantity demand is less than the percentage change in price, then demand is:
A) inelastic.
This is because when the percentage change in quantity demand is less than the percentage change in price, then the value of elasticity would be less than 1. And any value of elasticity less than 1 means the good is inelastic.
10.
If the price elasticity of demand for razors is 0.32, the demand for razors is:
C) inelastic.
This is because the value of elasticity is less than 1.
11.
When the percentage change in the quantity demand equals the percentage change in price, then demand is:
B) unit elastic.
Unit elastic means the percentage change in the quantity demand equals the percentage change in price. That means if the value of elasticity is 1, then it will be called unit elastic.
12.
If the price elasticity of demand for opera tickets in Chicago is 1.00, then the demand for opera tickets in Chicago is:
A) unit elastic.
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