Question: Please answer a, b , c, d, or e and explain why. Economics 110. demand and supply analysis, demand and supply elasticities Price elasticity of

Please answer a, b , c, d, or e and explain why. Economics 110. demand and supply analysis, demand and supply elasticities

Price elasticity of demand:

a) is higher for an entire group or related products than it is for a particular product in that group

b) usually increases over time

c)is a positive number because price and quantity demanded move in the same direction

d) is very small when good substitutes are readily available

Which of the following would cause a movement along the demand curve for ski-life tickets, other things being equal?

a) a rise in the price of ski boots and skis

b) a change in tastes in favour of skiing

c) a rise in average household income

d) an increase in price as the supply curve for lift tickets shifts top the left

e) an increase in population

If the price of tea rises and as a consequence the demand for coffee increasers, then tea and coffee are

a) neutral goods

b) luxury goods

c) complementary goods

d) substitute goods

e) independent goods

An increase in the price of crude oil (an input for gasoline production) will cause:

a) an increase in the price and a decrease in the quantity of gasoline

b)a decrease in both the price and quantity of gasoline

c) no change in either price or the quantity of gasoline

d) an increase in both the price and quantity of gasoline

e) a decrease in the price and an increase in the quantity of gasoline

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