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4 Written questions

4 Multiple choice questions

  1. the number halfway between the start & end values, the average of those values
  2. -the extent to which close substitutes are available
    -whether the good is a necessity or a luxury
    -how broadly or narrowly the good is defined
    -the time horizon - elasticity is higher in the long run than the short run
  3. D curve: vertical
    Consumers' price sensitivity: none
    Elasticity: 0
  4. measures how much Qd responds to a change in P

4 True/False questions

  1. unit elastic demandD curve: intermediate slope
    Consumers' price sensitivity
    Elasticity: 1

          

  2. elastic demandD curve: relatively flat
    Consumers' price sensitivity: relatively high
    Elasaticity: >1

          

  3. perfectly elastic demandD curve: horizontal
    Consumers' price sensitivity: extreme
    Elasticity: infinity

          

  4. revenueprice times quantity

          

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