08 Jun Question 1. For a particular product, a demand
Question
1. For a particular product, a demand elasticity is a quantitative measure that shows:
the absolute change in quantity demanded relative to the percentage change in any of the other variables included in the demand function for that product.
the percentage change in quantity demanded relative to the absolute change in any of the other variables included in the demand function for that product.
the absolute change in quantity demanded relative to the absolute change in any of the other variables included in the demand function for that product.
the percentage change in quantity demanded relative to the percentage change in any of the other variables included in the demand function for that product.
5 points
Question 2
1. Assume the demand for a good is price elastic, i.e., ed> 1 (in absolute terms). This means that if price increases by 10 percent, quantity demanded will:
increase by less than 10 percent.
decrease by more than 10 percent.
decrease by less than 10 percent.
increase by more than 10 percent.
5 points
Question 3
1. According to the text, the price elasticity of demand for bath tissue has been estimated to be -2.42. This implies that a 10 percent decrease in the price of bath tissue would cause the quantity demanded of bath tissue to:
increase by 2.4 percent.
decrease by 2.4 percent.
increase by 24.2 percent.
decrease by 24.2 percent.
5 points
Question 4
1. If the percentage change in quantity demanded is less than the percentage change in price, we would say that over this range, demand is:
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