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Thecross-priceelasticityofdemandcantelluswhethergoodsare

A. normal or inferior.
B. elastic or inelastic.
C. luxuries or necessities.
D. complements or substitutes.

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Supposethepriceelasticityofsupplyforcandlesis0.3intheshortrunand1.2inthelongrun.Ifanincreaseinthedemandforcandlescausesthepriceofcandlestoincreaseby36%,thenthequantitysuppliedofcandleswillincreasebyabout

A. 0.8% in the short run and 3.3% in the long run.
B. 1.2% in the short run and 0.3% in the long run.
C. 10.8% in the short run and 43.2% in the long run.
D. 120% in the short run and 30% in the long run.

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Amanufacturerproduces400unitswhenthemarketpriceof$10perunitandproduces600unitswhenthemarketpriceis$12perunit.Usingthemidpointmethod,forthisrangeofprices,thepriceelasticityofsupplyisabout

A. 0.45
B. 2
C. 2.2
D. 220

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Thesupplyofagedcheddarcheeseisinelastic,andthesupplyofbreadiselastic.Bothgoodsareconsideredtobenormalgoodsbyamajorityofconsumers.Supposethatalargeincometaxincreasedecreasesthedemandforbothgoodsby10%.Totalconsumerspendingonagedcheddarcheesewill

A. increase, and total consumer spending on bread will increase.
B. increase, and total consumer spending on bread will decrease.
C. decrease, and total consumer spending on bread will increase.
D. decrease, and total consumer spending on bread will decrease.

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Ifachangeinthepriceofagoodresultsinnochangeintotalrevenue,then

A. the demand for the good must be elastic.
B. the demand for the good must be inelastic.
C. the demand for the good must be unit elastic.
D. buyers must not respond very much to a change in price.

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Thecross-priceelasticityofdemandcantelluswhethergoodsare

A. normal or inferior. ​ B. elastic or inelastic. ​ C. luxuries or necessities. ​ D. complements or substitutes.

Supposethepriceelasticityofsupplyforcandlesis0.3intheshortrunand1.2inthelongrun.Ifanincreaseinthedemandforcandlescausesthepriceofcandlestoincreaseby36%,thenthequantitysuppliedofcandleswillincreasebyabout

Amanufacturerproduces400unitswhenthemarketpriceof$10perunitandproduces600unitswhenthemarketpriceis$12perunit.Usingthemidpointmethod,forthisrangeofprices,thepriceelasticityofsupplyisabout

Thesupplyofagedcheddarcheeseisinelastic,andthesupplyofbreadiselastic.Bothgoodsareconsideredtobenormalgoodsbyamajorityofconsumers.Supposethatalargeincometaxincreasedecreasesthedemandforbothgoodsby10%.Totalconsumerspendingonagedcheddarcheesewill

Ifachangeinthepriceofagoodresultsinnochangeintotalrevenue,then

A. normal or inferior.
B. elastic or inelastic.
C. luxuries or necessities.
D. complements or substitutes.