Micro Unit 2.3 CW: Elasticities (Grouping)

Posljednje ažuriranje 10 months ago

Match the descriptor to the correct interpretation of price elasticity of demand. (2 in each)

a demand curve which is parallel to the vertical axis
quantity demanded is completely unresponsive to price changes
price and total revenue mildly vary in opposite directions
the coefficient of elasticity is less than 1 but greater than 0
the demand for a luxury good whose purchase would exhaust a significant portion of one's income
total revenue is unaffected as price changes
a firm can sell more or less output at a constant price
the demand for necessity whose cost is a small component of one's total income
a demand curve which is parallel to the horizontal axis
The price effect and quantity effect are equal in value