Elasticityofdemandiscloselyrelatedtotheslopeofthedemandcurve.Themoreresponsivebuyersaretoachangeinprice,the
A. steeper the demand curve will be.
B. flatter the demand curve will be.
C. further to the right the demand curve will sit.
D. closer to the vertical axis the demand curve will sit.
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Ryansaysthathewouldbuyonecupofcoffeeeverydayregardlessoftheprice.Ifheistellingthetruth,Ryan’s
A. demand for coffee is perfectly inelastic.
B. price elasticity of demand for coffee is 1.
C. income elasticity of demand for coffee is 0.
D. None of the above answers is correct.
Acitywantstoraiserevenuestobuildanewmunicipalswimmingpoolnextyear.Themayorsuggeststhatthecityraisethepriceofadmissiontothecurrentmunicipalpoolsthisyeartoraiserevenues.Thecitymanagersuggeststhatthecitylowerthepriceofadmissiontoraiserevenues.Whoiscorrect?
A. the mayor
B. the city manager
C. The answer depends on the price elasticity of demand.
D. The answer depends on the costs of construction of the new municipal swimming pool.
Foraparticulargood,a5percentincreaseinpricecausesa15percentdecreaseinquantitydemanded.Whichofthefollowingstatementsismostlikelyapplicabletothisgood?
A. There are many substitutes for this good.
B. The good is a necessity.
C. The market for the good is broadly defined.
D. The relevant time horizon is short.
Lastyear,Joanbought50poundsofhamburgerwhenherhousehold’sincomewas$40,000.Thisyear,herhouseholdincomewasonly$30,000andJoanbought60poundsofhamburger.Allelseconstant,Joan'sincomeelasticityofdemandforhamburgeris
A. positive, so Joan considers hamburger to be an inferior good.
B. positive, so Joan considers hamburger to be a normal good and a necessity.
C. negative, so Joan considers hamburger to be an inferior good.
D. negative, so Joan considers hamburger to be a normal good but not a necessity.
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