01 Jun Question 21. The price elasticity of demand coefficient measures:
Question
21. The price elasticity of demand coefficient measures:
A) buyer responsiveness to price changes.
B) the extent to which a demand curve shifts as incomes change.
C) the slope of the demand curve.
D) how far business executives can stretch their fixed costs.
22. The basic formula for the price elasticity of demand coefficient is:
A) absolute decline in quantity demanded/absolute increase in price.
B) percentage change in quantity demanded/percentage change in price.
C) absolute decline in price/absolute increase in quantity demanded.
D) percentage change in price/percentage change in quantity demanded.
23. If the price elasticity of demand for a product is 2.5, then a price cut from $2.00 to $1.80 will:
A) increase the quantity demanded by about 2.5 percent.
B) decrease the quantity demanded by about 2.5 percent.
C) increase the quantity demanded by about 25 percent.
D) increase the quantity demanded by about 250 percent.
24. If the demand for bacon is relatively elastic, a 10 percent decline in the price of bacon will:
A) decrease the amount demanded by more than 10 percent.
B) increase the amount demanded by more than 10 percent.
C) decrease the amount demanded by less than 10 percent.
D) increase the amount demanded by less than 10 percent.
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