Question: U is elastic. of demand of 0.5 means that: quantity demanded changes 0.5 units for each 1%change …

01 May Question: U is elastic. of demand of 0.5 means that: quantity demanded changes 0.5 units for each 1%change …

Posted at 16:28h in 2Past Paper by Exams

u is elastic. of demand of 0.5 means that: quantity demanded changes 0.5 units for each 1%change in price. quantity demanded changes 0.5% for each 1%change in price. quantity demanded changes 5% for each 1% change in price. 19. If the price of a substitute to A. demand for good X will decrease. B, market price of good X will decrease. X increases, then the demand for good X will increase. quantity demanded for good X will increase. 20. Elasticity of supply is greater the longer the time period considered because the longer the time period, A. the lower the marginal cost of production. the more elastic is demand for a the more options are available for producers to change production. C) D. the few er options are available for producers to change production. 21. Economist Patrick McCarthy estimated the price elasticity of demand for new cars to be 0.87. f he price of cars rose by 20%, one would expect the quantity of new cars demanded A. fall 22.9%. B. rise 22.9%. C. fall 17.4%. D. rise 17.4%. 0.5 in the short-run and 4 in the long run. An increase in rail fares would A. lower revenue in both the short and long run. B. raise revenue in both the short and long run. C. raise revenue in the short run but lower revenue in the long run. D. lower revenue in the short run but raise revenue in the long run. 22. Economist Richard Voith has estimated elasticity of demand for commuter rail tmanspontation to be

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