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Get faster at matching terms Terms in this set (45)The proportion of income allocated to a particular good or service is a determinant of the price elasticity of demand If quantity supplied by producers is relatively responsive to price changes, supply is relatively price elastic Which of the following products are targeted by government legislatures for increased excise taxes? (More than 1 answer) -Toothpaste -Liquor Which of the following goods and services would most likely exhibit an inelastic price elasticity of demand? (More than one answer) -Auto repairs -Auto repairs Total revenue is calculated by _________ the product price by the quantity sold Multiplying The midpoint formula for calculating elasticity ________ the two prices and the two quantities Averages Luxuries vs. _________ is one of the determinants of the price elasticity of demand Necessities What are some arguments in favor of legalizing illegal drugs? (More than 1 answer) -Legalization would reduce drug trafficking -Legalization would reduce drug trafficking What is the term that indicates the total amount the seller receives for the sale of a product in a particular time period? Total Revenue The price elasticity of demand and ______ revenue are inversely related total _____ is the ease of switching from one good to another Substitutability What is the name of the formula used to accurately calculate the price elasticity of demand? Midpoint Formula The passage of _______ involved in making a decision is one determinant of price elasticity of demand Time Which of the following reasons explains the high prices of antiques? (More than 1 answer) -Strong Demand -Strong Demand The price elasticity of demand for most farm products is relatively price ________ Inelastic When demand is relatively price ________, a price decrease will increase total revnue Elastic Which of the following are the main sources of gold price fluctuations? (More than 1 answer) -Highly elastic supply -Highly inelastic supply Restaurant meals, filet mignon, and Cadillacs, are all examples of goods that exhibit relatively price _________ demand Elastic If the price elasticity of demand is unit elastic and price changes, total revenue will: Stay constant With a unit elastic demand, when price changes, total revenue ___________ stays constant A small percentage in quantity demanded divided by a larger percentage in price price results in a relatively price ___________ demand Inelastic When the price elasticity is relatively price inelastic, a price increase will have what effect on total revenue? Total Revenue will rise Because of the limited, highly _________ supply of gold, small changes in demand produce large changes in price Inelastic When demand is elastic, the coefficient of price elasticity of demand will be greater than 1 Which of the following would be characteristics of a good with relatively elastic demand? (More than 1 answer) -High-priced good relative to
income -High-priced good relative to income When the time period under consideration is longer, product demand is generally more __________ Elastic Demand is relatively price __________ when price and total revenue move in the same direction Inelastic The __________ ____________ of demand measures the responsiveness/sensitivity of consumers to a price change price; elasticity What are some arguments against legalizing illegal drugs? (More than 1 answer) -The associated costs of the wart on drugs have decreased significantly -Overall demand for cocaine and heroin is more elastic than proponents think When a small change in price causes quantity to increase from zero to all that buyers can obtain, the price elasticity of demand is consdiered perfectly elastic Without subsidies, increases in the quantities of farm products would tend to ___________ the total revenue of farmers decrease Since price and quantity demanded are inversely related, the price elasticity of demand coefficient would always be a __________ number negative If the percentage change in quantity demanded is less than the percentage change in price, then the price elasticity of demand is _________ inelastic Price elasticity less than 1 is inelastic All of the following goods would likely exhibit relatively price inelastic demand, except? Milk, Automobiles, Insulin, Gasoline, Electricity Automobiles When an increase/decrease in price does not change total revenue, demand is ________ elastic unit When demand is relatively price elastic, total revenues will _______ when price decreases Increase The price of elasticity of supply is more ____________ in the long run, than in the short run elastic _________ in price when a product is relatively price elastic will lead to a decrease in total revenue An increase As you move from higher to lower prices, the price elasticity of demand __________ declines Because gold production is a costly and time-consuming process, the ________ of gold is: Supply Price elasticity of a luxury is _________ greater than one Regardless of the degree of elasticity, price and total revenue always move together in the same direction when discussing the price elasticity of _______________ supply When the price elasticity coefficient is equal to infinity, the product exhibits ___________ demand perfectly elastic
The percentage change in quantity supplied divided by the percentage change in price measures the price elasticity of _________ supply Recommended textbook solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 830 solutions Principles of Macroeconomics5th EditionN. Gregory Mankiw 446 solutions Economics1st EditionGrant Wiggins 890 solutions Principles of Macroeconomics6th EditionN. Gregory Mankiw 433 solutions Sets with similar termsECON202 Heath Ch620 terms roxanefontenot Econ hw#590 terms hannahrb87 Chapter 5 Econ30 terms madelynyergler Chapter 5 Econ30 terms Elizabeth_Marlette Sets found in the same folderEcon-101: Chapter 10: Pure Competition in the Shor…39 terms cdaly714 Chapter 7: Utility Maximization41 terms colleen_delaney Chapter 8 Behavioral Economics40 terms Lsuttman15 Other sets by this creatorFAR8 - M617 terms Joseph_Rothstein FAR5 - M421 terms Joseph_Rothstein FAR3 - M816 terms Joseph_Rothstein 404 Final40 terms Joseph_Rothstein Verified questions
ECONOMICS With respect to hedge fund investing, the net return to an investor in a fund of funds would be lower than that earned from an individual hedge fund because of: a. Both the extra layer of fees and the higher liquidity offered. b. No reason; funds of funds earn returns that are equal to those of individual hedge funds. c. The extra layer of fees only. Verified answer
ECONOMICS Stagflation occurs when high inflation combines with a. high unemployment and a low level of production. b. low unemployment and a high level of production. c. a drop in buying power and a rise in workers’ wages. d. a rise in buying power and a drop in workers’ wages. Verified answer ECONOMICS What are the main points of the two principles of taxation? Verified answer
ECONOMICS Masters Corp. issues two bonds with 20-year maturities. Both bonds are callable at $1,050. The first bond is issued at a deep discount with a coupon rate of 4% and a price of$580 to yield 8.4%. The second bond is issued at par value with a coupon rate of 8.75%. If you expect rates to fall substantially in the next two years, which bond would you prefer to hold? Verified answer Other Quizlet setsHuman Geography Final128 terms emilygwats CHEM LAB FINAL224 terms MatthewG86907 poli sci 2 world politics24 terms ceejay109 Pharmacology specifics Quiz 138 terms Kailey_Gill4PLUS Related questionsQUESTION National well-being can be measured using the Per-capita GDP (per-capita) and the Human Development Index (HDI). Both of these measures will always give the same ranking for countries. t/f? 3 answers QUESTION A commodity surplus or shortage will occur when the market is in equilibrium. T/F 2 answers QUESTION You buy a share of Google for $100 and a share of Apple for $10. The price of each is currently $15. Assuming taxes are not an issues, which would you sell if you need $15? 11 answers QUESTION What does monopoly mean to the processor retailer? 2 answers Which of the following are viable arguments in favor of legalizing illegal drugs quizlet?According to McConnell, which of the following are viable arguments in favor of legalizing illegal drugs? 1) The current war on drugs has been unsuccessful. 2) Legalization would reduce drug trafficking. 3) Drugs should be treated like alcohol and regulated for purity.
Which of the following measures the responsiveness of producers to a price change?Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. We compute it as the percentage change in quantity demanded (or supplied) divided by the percentage change in price.
Which of the following are the main sources of gold price fluctuations?The two main reasons gold prices fluctuate are: Gold typically increases when there is a fair amount of political and/or economic uncertainty. When times are tumultuous, investors look to gold because it is protected from economic collapse.
What type of demand is represented by a given change in price that leads to a larger change?An elastic demand or elastic supply is one in which the elasticity is greater than one, indicating a high responsiveness to changes in price. Elasticities that are less than one indicate low responsiveness to price changes and correspond to inelastic demand or inelastic supply.
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Which of the following products are targeted by government legislatures for increased excise taxes?
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