A10percentincreaseingasolinepricesreducesgasolineconsumptionbyabout
A. 6 percent after one year and 2.5 percent after five years.
B. 2.5 percent after one year and 6 percent after five years.
C. 10 percent after one year and 20 percent after five years.
D. 0 percent after one year and 1 percent after five years.
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Thegreaterthepriceelasticityofdemand,the
A. more likely the product is a necessity.
B. smaller the responsiveness of quantity demanded to a change in price.
C. greater the percentage change in price over the percentage change in quantity demanded.
D. greater the responsiveness of quantity demanded to a change in price.
Supposethatgasolinepricesincreasedramaticallythismonth.Lolacommutes100milestoworkeachweekday.Overthenextfewmonths,Loladriveslessontheweekendstotrytosavemoney.Withintheyear,shesellsherhomeandpurchasesoneonly10milesfromherplaceofemployment.Theseexamplesillustratetheimportanceof
A. the availability of substitutes in determining the price elasticity of demand.
B. a necessity versus a luxury in determining the price elasticity of demand.
C. the definition of a market in determining the price elasticity of demand.
D. the time horizon in determining the price elasticity of demand.
Ifthepriceelasticityofdemandforagoodis4.0,thena10percentincreaseinpriceresultsina
A. 0.4 percent decrease in the quantity demanded.
B. 2.5 percent decrease in the quantity demanded.
C. 4 percent decrease in the quantity demanded.
D. 40 percent decrease in the quantity demanded.
Thevalueofthepriceelasticityofdemandforagoodwillberelativelylargewhen
A. there are no good substitutes available for the good.
B. the time period in question is relatively short.
C. the good is a luxury rather than a necessity.
D. All of the above are correct.
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