Which of the following is likely to have the most price elastic demand group of answer choices. 20, then which of the following is correct? O A. Total revenue is equal to. A. Expert-verified. Study with Quizlet and memorize flashcards containing terms like Which of the following is likely to have the most price inelastic demand? A. Diagram B shows what the outcome would have been if the US demand for oil had been more elastic, a more likely result over the long term. If there is a simultaneous increase in demand and increase in supply then the equilibrium price _______ and the equilibrium quantity ________. students b. Which of the following would be the most likely explanation for this?, Most likely, the elasticity of demand for transportation is greater than the elasticity of demand for cars, Which of the following most likely correctly orders goods from most to least demand elastic? and more. Luxury goods. 22%. Economics questions and answers. More elastic the demand for the good. Study with Quizlet and memorize flashcards containing terms like Elasticity is A. eggs OC. Study with Quizlet and memorize flashcards containing terms like Which of the following is likely to have the most price elastic demand? A. 01. When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded, then: a. True or False: The larger the number of substitutes for a good, the greater the price elasticity. 2-Which of the following occurrences is least likely to shift the supply Which of the following is likely to have the most price elastic demand?Group of answer choicesToilet paperFlowersWaterVegetables This problem has been solved! You'll get a detailed solution that helps you learn core concepts. Using the midpoint method, what is the price elasticity of demand when price rises from $8 to $12?, Which of the following could describe a good for which a decrease in price would decrease revenue? and more. Suppose that when the price of cream cheese rises by 10%, the quantity of bagels demanded at the current price of bagels falls by 3%. dollar? Note: "Elastic" here means that the demand moves significantly to small price changes, whereas "inelastic" means demand does not change much in response to Study with Quizlet and memorize flashcards containing terms like If the price decreased from $36 to $12, total revenue would a. Goods with many substitutes. inelastic. Study with Quizlet and memorize flashcards containing terms like Refer to the Figure. There are 2 steps to solve this one. Vanilla ice cream D. Which of the following would most likely be highly price - elastic? Group of answer choices. eggs. natural gas. There are no costs of switching to competitors' products. Take Q2-Q1 and divide by midpoint of two. the definition of a market in determining the price elasticity of demand. 33. . Restaurant meals. Chevrolet. S. Question: The demand for which of the following commodities is likely to be more price inelastic? Group of answer choices food. unit elastic. lightbulbs D. Necessary goods. The market for the good is broadly defined. the time horizon in determining the price elasticity of demand, Which of the following is likely to have the most price elastic demand? a. Which of the following is likely to have the most price elastic demand? O a. the movement along a supply curve when there is a change in demand. Beer 11. Which of the following three groups is likely to | Chegg. Then do the change in money over the change in demand to get your answer. 1 day ago · Select the best answer. Goods that make up a small share of the budget. supplied, the price of the good. If the price of a good increases and the total revenue remains the same, the demand for good is. The For which of the following categories of goods is demand likely to be the most price elastic? automobiles. 43, and good Y is a normal good. B. Which of the following is likely to have the most price elastic demand? Clothing Blue jeansTommy Hilfiger jeansPants elastic demand. Buyers perceive there to be few close substitutes for the item. Rent control policies tend to cause. milk O E. 50. elastic. quantity demanded responds to a change in income. laptop computers 0 b. doctor's visits. C. unit-elastic. For which of the following products is demand likely to be the most elastic? a) All shoes. Car travel requires gasoline. 2. Goods with a vertical demand curve. Generic canned food. doctor's visits c. a good with close substitutes that are difficult to obtain d. 1) Which of the following goods are likely to have elastic demand, and which are likely to have inelastic demand and why? Elastic or inelastic demand Explanation (NOTE: explanation must be based on determinants of price elasticity of demand) Gasoline Pepsi Aquafresh toothpaste (mint flavor) Water Heart Which of the following is likely to have the most price elastic demand? Your solution’s ready to go! Enhanced with AI, our expert help has broken down your problem into an easy-to-learn solution you can count on. Question: Which of the following is likely to have the most price elastic demand? a. Add the two points together and divide by 2. "Goods that have to be bought "under a short time constraint. milk. 43, and good Y is an inferior good. Study with Quizlet and memorize flashcards containing terms like The demand for a good is inelastic. Hamburger d. Dental floss. The demand for Pepsi Cola is likely to be elastic because th QUESTION 31 Which of the following is likely to have the most elastic demand? O A. Suppose you are in charge of sales at a pharmaceutical company, and your firm has a new drug that clears acne in teenagers. doctor's visits O c. Ice cream B. The greater the price elasticity of demand, the. The substitutes for car travel offer less convenience and control. 1 day ago · Chapter 5. b. Insulin. When demand for a product is price elastic, a change in price of the product has little effect on demand. For the Grinch, a three percent increase in the price of ham leads to a two percent Among the choices, Kellogs which pertain to ready-to-eat cereals would more likely be an elastic product. The demand for new houses. ) blue jeans c. price responds to a change in demand. Study with Quizlet and memorize flashcards containing terms like Refer to Figure 5-2. Peanut butter. Demand for leisure travel is usually inelastic. c) Converse All Star sneakers. Frozen yogurt Question: Which of the following is likely to have the most price elastic demand? Which of the following goods or services will most likely have the most elastic demand? a United Airlines ticket from Lexington to Storrs, Connecticut. The most price inelastic demand is likely to be for salt. a necessity versus a luxury in determining the price elasticity of demand. 1-Which of the following are likely to have elastic demand with respect to price? A - Goods with many easy substitutes. , Which of the following statements about the price elasticity of demand is correct? a. The good is a luxury. income from sales. Question: Which of the following is likely to have the most price elastic demand?Group of answer choicessaltelectricitygasolineinternet connectionFrappuccino Your solution’s ready to go! Our expert help has broken down your problem into an easy-to-learn solution you can count on. will fall. Electricity, gas, oil, and water are all relatively inelastic because consumers rely on these as necessities Which of the following are likely to have elastic demand with respect to price? Goods with many easy substitutes. O A good in the immediate run. 05 to $0. Which of the following items would likely have an Add the two points together and divide by 2. In 2010, 1000 iPhones are sold at $300 each and 5000 pounds of bananas are sold at $3 per pound. tablets O c. 4. Dove moisturizing body wash B. Question: Which of the following items is likely to have the most price elastic demand? Question 9 answers A. B - Necessary goods. A broadly defined good, such as "food" Goods that have to be bought under an emergency situation. Häagen-Dazs® vanilla bean ice cream D. transportation from Lexington to Storrs, Connecticut. 1. The answer is C. The price of a cheeseburger rises from $2. The item represents a small fraction of consumers' budgets. Among the following groups—senior executives, junior executives, and students— which is the most likely to have the most and the least price elastic demand for membership in the Association of Business Professionals? A. a measure of how much buyers and sellers respond to changes in market conditions B. Mountain Dew. Which of the following is likely to have the most price elastic demand? A. Which of the following products is most likely to benefit from depreciation of the U. Study with Quizlet and memorize flashcards containing terms like QUESTION: Supply curves are created using the assumption that all economic factors remain constant except a. Powered by Chegg AI. Refer to Table 5-8. Question: Among the following groups—senior executives, junior executives, and students—which is likely to have the most and which is likely to have the least price elastic demand for membership in the Association of 1) all the three woul …. Goods that generate more total revenue when the price is raised. c. Question: Which of the following would most likely make the demand for an item more elastic? a. Group of answer choicesshortspink shorts with white stripespink shortsAll three would have the same elasticity of demand because they are all related. Water b. Chapter 4 Quiz. foreign - made sports cars. eggs O d. buyers' responsiveness to a change in the price of a good. Study with Quizlet and memorize flashcards containing terms like The price elasticity of supply for a good is 3 if a _____ in price leads to a 3% decrease in the quantity supplied. D3 D2, Which of the following expressions is valid for the price elasticity of demand?, The more responsive buyers are to a change in price, the steeper the demand curve will be Elastic Demand. The goods with the most elastic demand over the re Your solution’s ready to go! Our expert help has broken down your problem into an easy-to-learn solution you can count on. This is because luxury vehicles are considered to be non-essential and have many substitutes available in the market. Ice cream C. Study with Quizlet and memorize flashcards containing terms like in the market for oil in the short run, demand and supply are, in the market for oil in the long run, demand and supply are, which of the following is likely to have the most price elastic demand Your solution’s ready to go! Our expert help has broken down your problem into an easy-to-learn solution you can count on. Question: which of the following is likely to have the most price elastic demand which of the following is likely to have the most price elastic demand Here’s the best way to solve it. salt. 65 to $2. Which of the following are likely to have very elastic demand with respect to price? Study with Quizlet and memorize flashcards containing terms like The price elasticity of demand reflects the responsiveness of, The price elasticity of demand is calculated by, Which of the following goods is likely to have the most inelastic demand? and more. latt é s. Which of the following items is likely to have the most price elastic demand? So the small things that we might not care about price changes so much, if we don't care so much about price changes, that would imply less elasticity, so that definitely would not be the most elastic demand. 10. View the full answer. Business. All of the above. 7. Share Share. Flowers d. A good with a vertical demand curve. a good for which there are no easily-obtained substitutes c. perfectly inelastic. Suppose an economy produces only iPhones and bananas. The demand for milk by a household. " Well, a good example is that it's raining and people need umbrellas right Which of the following goods will have the most elastic demand at any time? a. Pepsi Cola. Insulin (used to treat diabetes) e. Group of answer choices. may rise, fall, or remain unchanged. QUESTION 3 If the price elasticity of demand is 2. The price elastically of a demand for a good: All of them above. Häagen-Dazs vanilla bean ice cream B. Elastic. Frozen yogurt C. There’s just one step to solve this. Suppose that when the price of root beer rises 10%, the quantity of pizza demanded falls 20%. blue jeans C. 14 of 47. tablet computers B. Gasoline. the value of everything a seller must give up to produce a good, When consumers face rising a) All shoes b) All gym shoes c) Converse All Star sneakers d) All clothing items. 71. Which of the following is likely to have the most price elastic A - A breakthrough. (61)Which of the following goods is likely to have the most elastic demand curve? (a)Gasoline (b)Electricity (c)Madza automobiles (d)Heart transplants (62)Suppose the chairman of the board of a supermarket chain proposes that a 12 percent increase in the prices of their breakfast cereals will cause This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. an economics concept that measures responsiveness of one variable to changes in another variable. increase by $7,200, and demand is elastic between points X and Z. Which of the following is likely to have the most price elastic demand? Study with Quizlet and memorize flashcards containing terms like which of the following good is likely to have the highest income elasticity, the price elasticity of demand would be lowest for, when demand is unit elastic, a change in price will cause and more. Vegetables c If the price elasticity of supply is 18, and a price increase led to a 4% increase in quantity supplied, then the price increase is about a. moisturizing body wash C. 7. 95 and the quantity demanded increases from 180 bags to 220 bags, then the Economics questions and answers. Big Mac's. For which of the following is demand likely to be the most price elastic? a. elasticity. -2. The price elasticity of demand for this good is. 22. Group of answer choices a. The quantity of a good demanded is completely insensitive to price changes (perfectly inelastic) when the demand curve is vertical. All types of soda pop. cell phones. Which of the following is likely to have a more price elastic demand? a. 1 day ago · when demand is inelastic. a BMW sports car. As price falls from Pa to Pb, which demand curve represents the most elastic demand? D1 All of the above are equally elastic. Because Which of the following is likely to have the most price elastic demand? fruit scissors music downloads toothpaste Your solution’s ready to go! Our expert help has broken down your problem into an easy-to-learn solution you can count on. 45%. decrease by $7,200, and demand is inelastic between points Question: Which of the following goods would have the most elastic demand? O A good that is considered a luxury. d. Explanation: D For a good to have an elastic demand, the quantity of the good demanded must be sensitive to the price. O A good with no close substitutes available. insulin. This would mean that pizza and root beer are. Assume that the company wants to earn as much revenue as possible from this drug. Transcribed image text: 12. For 25 points, complete the following multiple choice questions by selecting the best answer of the possibilities given. Microsoft® Surface tablets O d. Tommy Hilfiger jeans. -0. Here’s the best way to solve it. relatively smaller shortages in the short run than in the long run because supply and demand tend to be more inelastic in the short run than in the long run. Study with Quizlet and memorize flashcards containing terms like For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following is likely to have the most The price elasticity of demand measures a. Pants b. What is the price elasticity of demand? Group of answer choices. com. Question: Which of the following are likely to have very elastic demand with respect to price?Select the correct answer below:Items that take a large share of an individual's income. Question 14 0. a Continental Airlines ticket from Lexington to Storrs, Connecticut. In 2009, the base year, iPhones sold at $400 each and bananas sold at $2 per pound. lattés O b. total revenue decreases as a result of the price increase. All of the above are true. Goods that are considered essential have a low elasticity of demand. Using the midpoint method, the income elasticity of demand for good Y is. Study with Quizlet and memorize flashcards containing terms like If the price elasticity of demand for chicken is 2, then a 20 percent decrease in the price of chicken will lead to a:, Is the demand for a particular brand of car, like a Chevrolet, likely to be more or less price-elastic than the demand for all cars? It's likely to be more ____________price-elastic because of the availability Expert-verified. Which of the following is most likely an inferior good. Which of the following statements is most likely applicable to this good? a. soap, If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is _____. Salt. Term. The demand for water. The demand for coal over a period of one month. 0. body wash D. demand, QUESTION: What motivates producers to increase supply?, QUESTION: What is the most likely outcome when the number of producers of a particular product rises? and more. Coffee. Demand. 20%. a low responsiveness by consumers to price changes. Which of the following is likely to have the most price elastic demand? clothing blue jeans Tommy Hilfiger jeans All three would have the same elasticity of demand because they are all related. C - Goods with a vertical demand curve. Our expert help has broken down your problem into an easy-to-learn solution you can count on. Correct Response. hamburgers. See Answer. Question 4. the extent to which demand increases as additional buyers enter the market. Much car travel is necessary for people to move between activities and can’t be reduced to save money. Definition. Calculate the income elasticity of demand for bagels. gasoline B. Eggs. 100% (18 ratings) Tomm …. 19 of 27. Question: Which of the following is likely to have the most price elastic demand?Group of answer choicesWaterVegetablesToilet paperFlowers Which of the following is likely to have the most price elastic demand? a. a good that is no longer being produced a good for which close 6. Question: Which of the following is likely to have the most price elastic demand? A. All the above goods have inelastic demand with respect to price. sandwiches. Suppose that quantity demand falls by 30% as a result of a 5% increase in price. Pants d. greater the responsiveness of quantity demanded to a change in price. 85 and the quantity demanded changes from 490 to 485. Correct Answer: D. The relevant time horizon is Study with Quizlet and memorize flashcards containing terms like if the price of airline tickets falls, when is the price elasticity of demand going to be the lowest?, Which of the following would likely have the least elastic supply?, The percentage change in quantity demanded divided by the percentage change in price computes the and more. leather boots C. Cheerios. Less elastic the demand for the good. A decrease in total revenue will result if. Elasticity of demand is lower during high season. 07-0. gasoline. Economics. A necessity with a few substitutes which of the following is likely to have the most price elastic demand? a. 0. quantity demanded responds to a change in price. Which of the following is likely to have the most price inelastic demand? Group of answer choices. Haircuts c. Vanilla ice cream Please explain the why. If the price elasticity of demand is equal to 2, The good has ____________ demand. Which of the following goods or services will most likely have an inelastic demand? a Pizza b. Suppose a producer decides that if the price of her product is $32, the quantity supplied will be 1,000 units, and if the price is $35, the quantity supplied will be 1,300. eggs. Mercedes‑Benz auto facing price inelastic demand b. The pricing of Kellog could affect the demand for this, unlike the other products mentioned in the choices. Clothing. 67. Milk. a good for which there are no close substitutes b. eggs d. Tommy Hilfiger jeans b. More information is Which of the following describes a good that is likely to have the most elastic demand? Group of answer choices. Study with Quizlet and memorize flashcards containing terms like competitive market, leftward shift of the demand curve, equilibrium price and more. a. elastic and equal to 6. Business; Economics; Economics questions and answers; Which of the following is likely to have the most price elastic demand?clothingblue jeansTommy Hilfiger blue jeansAll three would have the same elasticity of demand because they are all related. 50%. ) clothing b. 17. Business; Economics; Economics questions and answers; Determine which of the following goods is likely to have the most price elastic demand. Q Smallholder agriculture usually is defined including the following: Group of answer choices Typically own between 10 and Answered over 90d ago Q Economists at the Federal Reserve Bank are busy calculating money supply estimations, which will indicate whether expans See Answer. the study of how the allocation of resources affects economic well-being C. Which of the following three groups is likely to have the most, and which the least, price-elastic de- mand for membership in the Association of Business Economists? a. natural gas How responsive consumers of one good are to a change in the price of another good. 0, and a firm raises its price by 10 percent, the quantity sold by the firm will Rise 10 percent Rise 20 percent Fall 20 percent Fall 10 percent QUESTION 4 Assume the price elasticity of demand for Fred's Fabulous Our expert help has broken down your problem into an easy-to-learn solution you can count on. Study with Quizlet and memorize flashcards containing terms like The price elasticity of demand measures how much a. 1 / 20. O A good that is very inexpensive. % change in QD/change in income. Click the card to flip 👆. , The price elasticity of demand is Group of answer choices. The demand for gasoline generally is fairly inelastic, especially in the short run. Show transcribed image text. In the market for oil in the short run, demand. Take the two prices, and two quantity demands. D. Blue jeans b. demand is inelastic and price decreases. If a one percent (1%) change in the price of a good causes a 1% change in the quantity demanded of that good in the opposite direction), the price elasticity of demand is a. Clothing c. Question: QUESTION 19 Which of the following is likely to have the most price elastic demand? O a. Eggs, Natural Gas and Doctor visists are all necessities in nature and that is the reason why us …. In using the midpoint formula for price elastically of supply, the numerator (the value on the top of a division problem) is: (Q2 - Q1) divided by the average of Q1 and Q2. Question 3. When income rises by 10%, the quantity of bagels demanded at the current price increases by 1%. Clothing d. inelastic and equal to 0. Which of the following is likely to have the most price elastic demand? a. This statement is false. , Which good(s) is/are MOST likely to have a vertical supply curve?, If the price of chocolate-covered peanuts decreases from $1. flour QUESTION 32 If cross-price elasticity between two goods is -2. will remain unchanged. Sep 27, 2023 · The Bottom Line. the maximum amount that a buyer will pay for a good D. b) All gym shoes. D - Goods that generate more total revenue when the price is raised. The demand for which of the following commodities is likely to be more price inelastic? the value of food purchased from a grocery store to make meals at home without pay. Which of the following is likely to have the most price elastic demand?Nike Zoom Freak 2 basketball shoesNike basketball shoesBasketball shoesAthletic shoes This problem has been solved! You'll get a detailed solution that helps you learn core concepts. Price elasticity of supply is the percentage change in the quantity ___ of a good divided by the percentage change in _____. Question: Which of the following is likely to have the most price elastic demand? a. a Southwest Airlines ticket on a Boeing 747 from Lexington to Storrs Study with Quizlet and memorize flashcards containing terms like Which of the following statements is true?, If a supply curve is a horizontal line, supply is said to be, If tolls on a toll road can be raised significantly before commuters will consider using a free alternative, demand for using the toll road must be and more. will rise. The most price-elastic demand is likely to be for luxury vehicles with prices more than $100,000. Change in price divided by change in demand is how to calculate elasticity of demand. total revenue increases as a result of the price increase. If quantity demanded responds substantially to changes in price this is said to be. A luxury with many substitutes. optional textbooks, If demand is price inelastic, then when price rises, total revenue A. clothing b. There are no close substitutes for this good. increase by $4,800, and demand is elastic between points X and Z. inelastic and equal to 6. breakfast cereal table salt Kellogg. The category of goods for which demand is likely t View the full answer. Pepsi Cola O D. Blue jeans c. 33, and good Y is a normal good. natural gas. If demand is perfectly inelastic, shifts in supply have no effect on price. 14. Question: Which of the following is likely to have the most price elastic demand? O a. demand responds to a change in supply. Study with Quizlet and memorize flashcards containing terms like Which one of the following goods is most likely to have a price inelastic demand? - A good that is a big part of a consumer's budget - A good for which there are many close substitutes in consumption - A good which is vital to a person's health or happiness - A good for which consumers' surplus is small - A good for which the Which of the following products are most likely to have an inelastic price elasticity of demand? Group of answer choices. Using the midpoint method, the price elasticity of demand is about a. foreign - made automobiles. Then, take P2-P1 and divide by that midpoint. decrease by $4,800, and demand is inelastic between points X and Z. 4 pts 14. All three would have the same elasticity of demand because they are all related. demand is inelastic. Pants d. This is because salt is a basic necessity View the full answer. a price decrease leads to a decrease in total revenue. The demand for insulin by a diabetes patient. lattés b. elastic and equal to 0. When the price of a good is $5, the quantity demanded is 100 units per month; when the price is $7, the quantity demanded is 80 units per month. inelastic demand. Over which range is the supply curve in this figure the most elastic?, Refer to the Table. ) Tommy Hilifiger Jeans. 33, and good Y is an inferior good. Toilet paper c. d) All clothing items. how much more of a good consumers will demand when incomes rise. junior executives csenior executives TA. a high responsiveness of quantity demanded or supplied to changes in price. This alternative equilibrium E1 ‍ would have resulted in a smaller price increase to $14 per barrel and larger reduction in equilibrium quantity to 13 million barrels per day. Tommy Hilfiger jeans d. False. sd tv lo vg xu iu zb rx an rr