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Micro 2.3/2.4-Price Elasticity Video Choice

Last updated over 1 year ago
10 questions
1

Type, word for word, the definition of elasticity of demand presented in the video.

1

Make a quick sketch of an inelastic demand curve. Take note of the slope of the demand curve (Steep or flat?)

1

What is the formula for the elasticity of demand coefficient?

1

Make a quick sketch of an elastic demand curve. Take note of the slope of the demand curve (Steep or flat?)

1

Sort the elasticity coefficient values.

  • Between 1 and Infinity
  • Between 0 and 1
  • 0
  • Infinity
  • 1
  • Perfectly Inelastic
  • Relatively Inelastic
  • Unit Elastic
  • Relatively Elastic
  • Perfectly Elastic
1
...It all comes down to the _________________________ of supply and demand.
Other Answer Choices:
price
elasticity
1

Price elasticity is how a change in price affects a consumers willingness and ability to buy a certain good.

1

Sort the following.

  • Luxury Goods (Wanted)
  • Inelastic
  • Many Substitutes
  • Few Substitutes
  • Large portion of income
  • Small portion of income
  • Long Term Time Horizon (It can wait)
  • It Can't Wait
  • Price Elastic
1

Make a quick sketch of Elastic Supply. (NOTE: The slope of supply...steep or horizontal.)

1

Make a quick sketch of an inelastic demand curve. Take note of the slope of the demand curve (Steep or flat?)