User Account

All Pages

How much consumers alter their purchases in response to

Assignment Help Macroeconomics
Reference no: EM13319413

1. Economists have devised measures of how much consumers alter their purchases in response to price changes. These measures are called

a. price controls.

b. price floors.

c. price ceilings.

d. price elasticities.

e. irrational behaviors.

 

____ 2. The more responsive consumers are to a price change,

a. the more price-elastic is the supply.

b. the more income-elastic is the demand.

c. the more price-inelastic is the demand.

d. the more price-elastic is the demand.

e. None of the above.

 

____ 3. To say there is an inelastic demand for a product means that

a. there are relatively few substitutes, few competitors, and a short time period under consideration.

b. consumers are very responsive to a change in the price of the product.

c. consumers are not very responsive to a change in the price of the product.

d. if the price rises by some percentage, then the quantity demanded will fall by a smaller percentage.

e. there is a positive relationship between price and total revenue.


Attachment:- 27875_1_econ-Assignment-Two.docx

Reference no: EM13319413

Questions Cloud

How can we measure growth over the very long run : The poorest countries in the world have a per capita income of about $600 today. We can reasonably assume that it is nearly impossible to live on an income below half this level (below $300)
What is the frequency the horns emit : two automobiles are equipped with the same single-frequency horn. when one is at rest, What is the frequency the horns emit
Explain the end point to be reached : Read carefully, 0.1M HCl is added into a mixture of 25mL of water and 25mL of Ca(OH)2. For the end point to be reached 1.3mL of 0.1M HCl is added into the mixture. How would I calculate the molarity of the hydroxide ion (OH-) for this final mixtur..
Calculate the intensity of the wave : a sound wave traveling in 26 degrees C air has a pressure amplitude of 0.500 Pa. (assume that the density of air is 1.29 kg/m^3). What is the intensity of the wave
How much consumers alter their purchases in response to : Economists have devised measures of how much consumers alter their purchases in response to price changes. These measures are called price controls. price floors.
Determine the amplitude and maximum acceleration : At t=0, a 734 g mass at rest on the end of a horizontal spring (k= 113N/m) is struck by a hammer, Determine the amplitude, maximum acceleration and total energy
The salicyclic acid forms a polymeric byproduct as a result : Salicyclic acid forms a polymeric byproduct as a result of this reaction. It is a small percentage of the final product mixture, but it can be visualized via TLC (the small spot just above the aspirin). Provide a balanced chemical equation for the..
How will you dedicate the time and effort to be successful : How will you dedicate the time and effort to be successful?
What acceleration occurs when the plane is vertical : What relationship did Galileo discover about a ball%u2019s acceleration, What acceleration occurs when the plane is vertical

Reviews

Write a Review

Macroeconomics Questions & Answers

  Explain is the pricing strategy rational and why

the number of the world-wide wireless phone subscribers will soon reach the 1 billion mark. In the U.S. alone, the number of wireless subscribers is projected to grow by almost 17 million subscribers per year for the next five years.

  What information would a firm need to come up with

the firms such as monopolies or those under imperfect competition sell different or "differentiated" products. They have to select the price which suits them best, presumably ones which maximize profits.

  Should edith and mathew continue to use highway for travel

To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in the absence of traffic delays. Mathew pointed o..

  Estimate the relationship among inflation and unemployment

Estimate the relationship among inflation and unemployment.

  Whom does the tax burden fall-the teams or owners

At fenway park, home of the boston red sox, seating is limited to 39,000. Hence, the number of tickets issued is fixed at that figure. (assume that all the seats are equally desirable and are sold at the same price.) seeing a golden oppurtunity to..

  Sally stanford is buying an automobile that costs

Sally Stanford is buying an automobile that costs $12,000. She will pay $2000 immediately and the remaining $10,000 in four annual end-of-year principal payments of $2500 each

  Did economic well-being rise more in 2002 or 2003

Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2002 and 2003 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense.

  Does the cost of advertising have any influence

The publisher must spend $1 million advertising the new book. It is now ready to print the book. For practical purposes, as many books as they like can be printed. In deciding how many copies to run.

  Determine the marginal cost of reducing crime

Discuss the factors that determine the marginal cost of reducing crime. Discuss the factors that determine the marginal benefit of reducing crime. Would it be economically efficient to reduce the amount of crime to zero

  What is germany''s current account balance

Germany consumers have $50 in income "their gross domestice product". They spend $35 on consumer goods "$25 on Germany goods and $10 on imports", they save $8, and pay $7 in taxes. The government collects $7 in taxes and spends $10 on locally-made..

  Preparation of a bank statement

When planning the process of preparing a bank reconciliation it is noted that under normal circumstances only one section of the examine may generate additional entries on the books of the account holder.

  Problem of the book assuming that the utility is cobb-dougla

Consider the problem of the book assuming that the utility is Cobb-Douglas (U (C, l) = C α l β )

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd