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This is a ten question multiplechoice quiz covering the material in this Unit. I hope you do well!
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Question 1 of 10
1. Question
10 pointsSuppose that 52,000 people attended a concert at a ticket price of $46. A week earlier 48,000 people attended the same concert at a ticket price of $54. Assuming no changes in other economic variables, the price elasticity of demand for tickets to this concert based on this example is:
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Question 2 of 10
2. Question
10 pointsIn economics, price elasticity of demand is:
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Question 3 of 10
3. Question
10 pointsThe more expensive the product:
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Question 4 of 10
4. Question
10 pointsIn the case of an elastic product, if the price decreases:
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Question 5 of 10
5. Question
10 pointsIf a product has an income elasticity of demand of 5, and buyersâ€™ incomes increase by 25%, then:
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Question 6 of 10
6. Question
10 pointsA perfectly elastic demand curve:
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Question 7 of 10
7. Question
10 pointsA sports franchise increases its ticket prices by an average of 5%. It notices NO decrease in the number of spectators attending the games. Its price elasticity of demand is:
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Question 8 of 10
8. Question
10 pointsAs a result of a twelve percent increase in the price of pretzels, the weekly quantity demanded of potato chips increases from 650 bags to 750 bags. The cross price elasticity of demand for potato chips is:
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Question 9 of 10
9. Question
10 pointsBased on what you know about the nature of the following products, which is most likely to have the lowest income elasticity of demand?
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Question 10 of 10
10. Question
10 pointsIf a government puts a sales tax on a product, and the product’s price elasticity of demand is high (the demand curve is relatively flat, i.e. close to horizontal), then:
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