H+12:52ECS1500-Exam-P...6. Which of the following is most likely to have a high-income elasticity of demand?1. Meals at classy restaurants2. Lunches at fast food restaurants3. Packed lunches from home4. Apples7. If the price elasticity of demand is 0,5 then a 20% price hike will lead to a1. 5% decrease in quantity demanded2. 10% decrease in quantity demanded3. 20% decrease in quantity demanded4. 40% decrease in quantity demanded8. If a 10% price hike leads to a 30% increase in quantity supplied, then the1. price elasticity of demand to 0,332. price elasticity of supply to 0,333. price elasticity of demand is 3,04. price elasticity of supply is 3,09. Which of the fallowing would not cause the demand curve for Varsity Cup (rugby) tickets toshift?1. An increase in the price of professional rugby tickets2. A decrease in the price of university hockey tickets3. An increase in the price of Varsity Cup tickets4. A drop in student incames10. Suppose that the market for baked beans is in equilibrium, and both the supply and the demanccurves for baked beans shift to the left. As a result, the equilibrium price and theequilibrium quantity will_1.will fall, fall2.will fall, rise3.will rise, fall4.cannot be determined, fall11. Which one of the following statements is CORRECT?1. The price elasticity of demand is always positive.2. Elastic demand means that the quantity supplied is sensitive to the price.3. Inelastic demand means that the quantity demanded is highly sensitive to4. Elastic supply means that the quantity supplied is sensitive to the price.

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Answered: 6. Which of the following is most…

6. Which of the following is most likely to have a high-income elasticity of demand? 1. Meals at classy restaurants 2. Lunches at fast food restaurants 3. Packed lunches from home 4. Apples

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 8P: If the elasticity of demand for hamburgers equals 21.5 and the quantity demanded equals 40,000,...

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Question

H+
12:52
ECS1500-Exam-P...
6. Which of the following is most likely to have a high-income elasticity of demand?
1. Meals at classy restaurants
2. Lunches at fast food restaurants
3. Packed lunches from home
4. Apples
7. If the price elasticity of demand is 0,5 then a 20% price hike will lead to a
1. 5% decrease in quantity demanded
2. 10% decrease in quantity demanded
3. 20% decrease in quantity demanded
4. 40% decrease in quantity demanded
8. If a 10% price hike leads to a 30% increase in quantity supplied, then the
1. price elasticity of demand to 0,33
2. price elasticity of supply to 0,33
3. price elasticity of demand is 3,0
4. price elasticity of supply is 3,0
9. Which of the fallowing would not cause the demand curve for Varsity Cup (rugby) tickets to
shift?
1. An increase in the price of professional rugby tickets
2. A decrease in the price of university hockey tickets
3. An increase in the price of Varsity Cup tickets
4. A drop in student incames
10. Suppose that the market for baked beans is in equilibrium, and both the supply and the demanc
curves for baked beans shift to the left. As a result, the equilibrium price and the
equilibrium quantity will_
1.
will fall, fall
2.
will fall, rise
3.
will rise, fall
4.
cannot be determined, fall
11. Which one of the following statements is CORRECT?
1. The price elasticity of demand is always positive.
2. Elastic demand means that the quantity supplied is sensitive to the price.
3. Inelastic demand means that the quantity demanded is highly sensitive to
4. Elastic supply means that the quantity supplied is sensitive to the price.

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