Team 1
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Team 2
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Teams
Name
Score
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monster
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rocket
Go to first place!
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shark
Other team loses 15 points!
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baam
Lose 25 points!
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15
×
A good is said to have inelastic demand if __________
the product's cost represents a large portion of consumer's income
All the answers are correct
There are no available substitutes
The good is not a necessity
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15
×
A product’s QD is very sensitive to changes in its price, then this product is said to have a perfect inelastic demand.
True
False
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15
×
If a product costs around 3% of consumers’ income, then this product has elastic demand.
True
False
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15
×
A product is considered ------------- if its price elasticity of demand is greater than one.
Unit Elastic
Elastic
Inelastic
Perfectly inelastic
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baam
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seesaw
Swap points!
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rocket
Go to first place!
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banana
Go to last place!
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monster
Reset all scores!
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seesaw
Swap points!
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shark
Other team loses 5 points!
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lifesaver
Give 20 points!
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seesaw
Swap points!
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fairy
Take points!
5
10
15
20
25
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fairy
Take points!
5
10
15
20
25
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banana
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15
×
Calculate the % change in price of product J, where in 2020 price was 101 EGP while in 2021 price reached 65 EGP.
Decrease of 24.4%
Decrease of 61.82%
Decrease by 53.85%
Decrease of 48.65%
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15
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A product is considered unit elastic if its price elasticity of demand is
= 0
= 1
< 1
>1
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15
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A product is considered ------------- if its price elasticity of demand is equal to infinity.
Relatively inelastic
Perfectly elastic
Relatively elastic
Perfectly inelastic
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15
×
If income elasticity is between 0 and 1, then the product in question is -----------
income perfectly elastic
income elastic
income inelastic
income unit elastic
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15
×
Demand for insulin fell from 526 million shots to 516, while price hiked from 0.25$ to0.62$ per pen. Calc approx. PED.
-0.01
-1.75
-0.66
-1.08
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15
×
If incomes rise by 14% and demand for product X decreases by 28%, calculate YED.
3.14
2
5.07
1.62
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15
×
A good is said to have elastic demand if ____________
The product's cost represents a large portion of consumers' income
The good is not a necessity
All the answers are correct
There are available substitutes
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15
×
Perfectly inelastic demand means QD for a product is not affected at all by changes in the product’s price.
True
False
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