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Question 1 1 point possible [greded} In the last video, Kiran defined income elasticity of demand, which measures how demand for a good changes with a change in income. More precisely, it is defined as percent change in demand for a good divided by percent change in income. Consider the income elasticity of demand for primary school education. What sign do you expect income elasticity to have? Choose the best answer. O Negative, since elasticity is always a negative quantity. 0 Negative, since if a family spends more money on primary school education, this uses a greater amount of income. 0 Positive, since if a family spends more money on primary school education, this uses a greater amount of income. 0 Positive since if income increases, a family is able to spend more on primary school education. 0 None of the above. 1 point possible (graded) Below is a table of price elasticity of demand for rice in several different countries. Country Elasticity Austria -0.47 Bangladesh -0.8 China -0.8 Japan -0.25 United States -0.55 Source: Perloff, J. (2008), Price Elasticity of Demand (Wikipedia) In which country would a 1% change in price cause the smallest percentage change in sales of rice? A. Austria B. Bangladesh C. China D. Japan E. United StatesQuestion 3 1 point possible lgradedl Suppose that the point price elasticity of demand for a good is constant and equal to EI.5. Which of the following pest explains what this means? {:1 For a one percent increase in price, the decrease in demand will always be approximately 5 percent. [II For a one percent increase in price, the percent decrease in demand will always be approximately {15 percent. 0 For a 5 percent increase in price, the decrease in demand will always be approximately one percent. Ci For a :15 percent increase in price, the decrease in demand will always be approximately 5 percent. Question 5 1 point possible (graded) If we use a decreasing and linear function as a continuous model of demand for a good, what assumption(s) are we making? A. An increase in price causes an increase in demand. B. An increase in price causes a decrease in demand. C. The same change in price causes the same change in demand regardless of the current price. D. The same percent change in price causes the same percent change in demand regardless of the current price. E. None of the above.Question 5 1 point possible (graded: Remember that point price elasticity is Point Price Elasticity ofDemand = g' {p} - g. Choose the statement which is true for any demand function g [p]. [:1 If the demand more is decreasing, point price elasticity is always decreasing. C5 If the demand more is decreasing, point price elasticity is always negative. O Point price elasticity is equal to the deriyatiye of the demand curve. C) If the demand curye is a line, point price elasticity is constant. '3 None of the ahoye. Question F 1 point possible (graded: Suppose that demand for subway tickets is wellmodeled by q [p] = m on the domain [21 E] where p is in .11\" dollars and q is number of tickets sold. Compute the point price elasticity for this demand function, and based on your answer, choose the best option for increasing reven ue from selling tickets. 0 No matter the current price, to increase revenue, we should increase prices. O No matter the current price, to increase revenue, we should decrease prices. 0 It depends on what the current price is. At some price points, we should increase price to increase reven ue, and at some price points we should decrease prices. C) None of the above. Question S 1 point possible (graded: Consider the same demand function on the price domain [2,5]. and the corresponding revenue function R {p} = p - s {a} - At what price point is revenue maximized? Choose the best option. [Does this match with your previous answel O There is no maximum revenue. Since I?" {p} 1':- [l'for all values of p, we can always increase prices to get more revenue, according to our model. We should set the price at 5 dollars. 0 There is no maximum revenue. Since R {p}