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4 Written questions

4 Multiple choice questions

  1. measures how much Qs responds to a change in P
  2. measures the response of Qd to a change in consumer income
  3. measures how much Qd responds to a change in P
  4. D curve: vertical
    Consumers' price sensitivity: none
    Elasticity: 0

4 True/False questions

  1. determinants of price elasticitya numerical measure of the responsiveness of Qd or Qs to one of its determinants

          

  2. midpoint methodthe number halfway between the start & end values, the average of those values

          

  3. elasticityD curve: relatively flat
    Consumers' price sensitivity: relatively high
    Elasaticity: >1

          

  4. revenuea numerical measure of the responsiveness of Qd or Qs to one of its determinants