Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!







Quiz 5 Multiple Choice Question

Quiz 5

MULTIPLE CHOICE.

Choose the one alternative that best completes the statement or answers the question.

1. Jaycee Jeans sold 40 pairs of jeans at a price of $40. When it lowered its price to $20, the quantity 1) sold increased to 60 pairs. Calculate the absolute value of the price elasticity of demand. Use the midpoint formula.

  1. 1.67
  2. 1.0
  3. 0.6
  4. 0.53

2. If the demand for a life- saving drug was perfectly inelastic and the price doubled, the quantity 2) demanded would

  1. decrease by 50%.
  2. remain constant.
  3. also double.
  4. be cut in half.

3. Which of the following statements is true?

  1. The more time that passes the more inelastic the demand for a product becomes.
  2. The demand curve for a necessity is more elastic than the demand curve for a luxury.
  3. The more narrowly we define a market, the more elastic the demand for a product will be.
  4. In general, if a product has few substitutes it will have an elastic demand.

4. If the absolute value of the price elasticity of demand for DVD movies is 0.8 then the elasticity of 4) demand for the DVD for the movie The Hangover should be

  1. greater than 0.8 in absolute value.
  2. less then 0.8 in absolute value.
  3. equal to 1 in absolute value.
  4. equal to zero because the DVD of this movie has been out for several years.

5. Suppose a decrease in the supply of bottled water results in a decrease in revenue. This indicates 5) that

  1. the demand for bottled water is elastic in the price range considered.
  2. the supply of bottled water is elastic in the price range considered.
  3. the demand for bottled water is inelastic in the price range considered.
  4. the supply of bottled water is inelastic in the price range considered.

6. Which of the following statements is true? 6)

  1. If the price of a good is raised and total revenue does not change, demand is perfectly elastic.
  2. If the price of a good is lowered and total revenue increases, demand is inelastic.
  3. If the price of a good is raised and total revenue increases, demand is inelastic.
  4. If the price of a good is lowered and total revenue decreases, demand is elastic.

7. When the price of tortilla chips rose by 10 percent, the quantity of tortilla chips sold fell 4 percent, 7) and the sale of dips (like salsa and bean dip) fell 8 percent. This set of facts indicates that

  1. the cross- price elasticity between tortilla chips and dips is - 8, so the two are complements.
  2. the cross- price elasticity between tortilla chips and dips is 0.8, so the two are substitutes.
  3. the cross- price elasticity between tortilla chips and dips is 0.4, so the two are substitutes.
  4. the cross- price elasticity between tortilla chips and dips is - 4, so the two are complements.

hihi

Download Sample Now

Earn back money you have spent on downloaded sample



Upload Document Document Unser Evaluion Get Money Into Your Wallet



Cite This work.

To export a reference to this article please select a referencing stye below.

Assignment Hippo (2021) . Retrive from http://assignmenthippo.com/sample-assignment/quiz-5-multiple-choice-question

"." Assignment Hippo ,2021, http://assignmenthippo.com/sample-assignment/quiz-5-multiple-choice-question

Assignment Hippo (2021) . Available from: http://assignmenthippo.com/sample-assignment/quiz-5-multiple-choice-question

[Accessed 19/06/2021].

Assignment Hippo . ''(Assignment Hippo,2021) http://assignmenthippo.com/sample-assignment/quiz-5-multiple-choice-question accessed 19/06/2021.


Want latest solution of this assignment

Want to order fresh copy of the Sample Template Answers? online or do you need the old solutions for Sample Template, contact our customer support or talk to us to get the answers of it.


Submit Your Assignment Here

AssignmentHippo Features

On Time Delivery

Our motto is deliver assignment on Time. Our Expert writers deliver quality assignments to the students.

Plagiarism Free Work

Get reliable and unique assignments by using our 100% plagiarism-free.

24 X 7 Live Help

Get connected 24*7 with our Live Chat support executives to receive instant solutions for your assignment.

Services For All Subjects

Get Help with all the subjects like: Programming, Accounting, Finance, Engineering, Law and Marketing.

Best Price Guarantee

Get premium service at a pocket-friendly rate at AssignmentHippo

FREE RESOURCES

  • Assignment Writing Guide
  • Essay Writing Guide
  • Dissertation Writing Guide
  • Research Paper Writing Guide

FREE SAMPLE FILE

  • Accounts
  • Computer Science
  • Economics
  • Engineering

Client Review

I was struggling so hard to complete my marketing assignment on brand development when I decided to finally reach to the experts of this portal. They certainly deliver perfect consistency and the desired format. The content prepared by the experts of this platform was simply amazing. I definitely owe my grades to them.

Tap to Chat
Get instant assignment help