01 Jun Question Question 3 Consider the following linear demand function where QD = quantity demanded; P = selling price. Q
Question
Question 3
Consider the following linear demand function where QD = quantity demanded; P = selling price.
QD = 60 – 4P
The price elasticity of demand associated with P=10
?4.00
?2.00
–1.33
–0.67
Question 4
A simple linear regression function, Y = 20 ? 0.05X, where Y denotes the sales of gas (x 1,000 gallons) and X denotes the gas price ($ per gallon). We can estimate that one-dollar increases in gas price will decrease the sales by
5,000 gallons
50 gallons
0.05 gallons
15,000 gallons
Question 5
In general, which of the following methods is the most costly and risky in estimating market demand?
Consumer surveys
Market experiments
Statistical demand analysis
Consumer focus group
Question 6
Economic profit is defined as the difference between total revenue and
explicit cost.
total economic cost.
implicit cost.
shareholder wealth.
Question 7
If the current price elasticity of demand for product X is ?1.2, a 10% price cut will result in
12% decrease of quantity demanded.
0.8% increase of total revenue.
12% increase of total revenue.
0.8% increase of quantity demanded.
Which of the following is NOT the factor affecting how elastic a demand is?
Time of adjustment
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