QUESTION 1

1. Look at Question 1 on problem set #4. The elasticity of demand for the newspaper in this price rangeis equal to __________. (sign and numeric answer)

1.5 points

QUESTION 2

1. Look at question 1 on your problem set. Now which of the following best classifies the elasticity of demand for the newspaper?
2. It is perfectly elastic.It is elastic.It is unitary.It is inelastic.It is perfectly inelastic.

1.5 points

QUESTION 3

1. Staying with Question 1, if the newspaper INCREASED its price by 1%, it would see a _______% (numeric)decrease in its quantity demanded.

1.5 points

QUESTION 4

1. Last question petaining to Question on on the pronblem set for elasticity. If the newspaper were to lower its price, the total revenue it would obtain from selling the newspapers _______.
2. increasedecreaseremain unchangedcannot be determined from the given information.

1.5 points

QUESTION 5

1. Move on to Question 2 on the problem set.
2. The elasticity of demand between points A and B on demand curve D1 is equal to _________(sign and numeric answer).

1.5 points

QUESTION 6

1. You are still onQuestion 2 on the problem set.
2. The elasticity of demand between pointsX andY on demand curve D2 is equal to _________(sign and numeric answer).

1.5 points

QUESTION 7

1. Theslope of demand curve D1 equals _______(numeric, decimal).

1.5 points

QUESTION 8

1. Theslope of demand curve D2 equals _______. (numeric decimal)

1.5 points

QUESTION 9

1. The slope of the demand curve __________ equal the elasticity of demand of the demand curve.
2. doesdoes not

1.5 points

QUESTION 10

1. Now move to question 3 on the problem set pertaining to Chipotle.
2. The elasticity of demand for a Chipotle burrito was found to be -2.25. Which of the following best describes the degree of elasticity it exhibits?
3. It is perfectly elastic.It is elastic.It is unitary.It is inelastic.It is perfectly inelastic.

1.5 points

QUESTION 11

1. Staying with the information from question #3,
2. a 1% increase in the price of a Chipotle burrito would result in a decrease of ________% (numeric)in the quantity demanded of the burritos.

1.5 points

QUESTION 12

1. Suppose Chipotledecied to LOWER its burrito price by 2%. The resulting percentage change in the quantity demanded of the burritos = ___________ (numeric).

1.5 points

QUESTION 13

1. Finally, if Chipotle lowered its price of the burrito by 2% its total revenue from burritos
2. would increase.would decrease.would remain unchanged.cannot be calculated without more information.

1.5 points

QUESTION 14

1. You now should be looking at question #4 on your problem set. It deals with the income changes.
2. When you used the midpoint formula to calculate Taz's income elasticity for macaroni and cheese it came out to ________.(numeric and sign)

1.5 points

QUESTION 15

1. The numeric value of the income elasticity of demand for macaroni and cheese indicates that for Taz, macaroni and cheese is__________.
2. a normal gooda luxury and normal gooda necessityan inferior goodan inferior good, but a luxury

1.5 points

QUESTION 16

1. When you used the midpoint formula to calculate Taz's income elasticity forCoca Cola (Coke)it came out to ________.(numeric and sign)

1.5 points

QUESTION 17

1. The numeric value of the income elasticity of demand forCoca Cola (Coke)indicates that for Taz,Coke is__________.
2. normal good.a luxury good as well as being a normal good.a necessity.an inferior good.an inferior good, but a luxury.

1.5 points

QUESTION 18

1. You need to have question #5 in front of you for the last four questions.
2. After using the midpoint formula, the cross price elasticity of eggs and sausage is _______.(numeric and sign)

1.5 points

QUESTION 19

1. Given the result of the cross price elasticity between sausage and eggs, one can conclude that for Syesha eggs and sausage are_______.
2. substitutesnormalinferiorcomplements

1.5 points

QUESTION 20

1. After using the midpoint formula, the cross price elasticity of eggs andbacon is _______.(numeric and sign)

1.5 points

QUESTION 21

1. Given the result of the cross price elasticity betweenbacon and eggs, one can conclude that for Syesha eggs andbacon are_______.
2. substitutesnecessitiesnormal goodscomplements