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Calculate the % change in price of product J, where in 2020 price was 101 EGP while in 2021 price reached 65 EGP.
Decrease of 61.82%
Decrease by 53.85%
Decrease of 48.65%
Decrease of 24.4%
A good is said to have elastic demand if_________
the good is not a necessity
The product's cost represents a small portion of consumer's income
All answers are incorrect
There are no available substitutes
------------- is the degree to which changes in a good’s price affect the quantity demanded.
Elastic Supply
Elasticity of demand
Elastic Demand
Elasticity of Supply
A product is considered ------------- if its price elasticity of demand is greater than one.
Inelastic
Unit Elastic
Elastic
Perfectly inelastic
Demand for insulin fell from 526 million shots to 516, while price hiked from 0.25$ to0.62$ per pen. Calc approx. PED.
-1.08
-1.75
-0.01
-0.66
A good is said to have inelastic demand if_________
There are available substitutes
the product's cost represents a large portion of consumers' income
All the answers are correct
the good is a necessity
A good is said to have elastic demand if ____________
The product's cost represents a large portion of consumers' income
All the answers are correct
There are available substitutes
The good is not a necessity
A product is considered unit elastic if its price elasticity of demand is
= 1
< 1
>1
= 0
If a product costs around 60% of consumers’ income, then this product has elastic demand, Ceteris Paribus.
True
False
A good is said to have elastic demand if -------------
There are available substitutes
The good is a necessity
The product's price represents a small portion of consumer's income
All answers are correct
A Twix chocolate has a high demand elasticity.
False
True
The relationship between the % change in price and the elasticity of demand is considered to be_________
directly proportional
dependent on the direction of change
inversely proportional
not possible to determine
Crude oil demand increased from 91 million to 96.5 million barrels, while price hiked from 39.68$ to 66.30$ per barrel.
Crude oil has a perfectly elastic demand
Crude oil has an inelastic demand
Crude oil has an elastic demand
Crude oil has a unit elastic demand
A product is considered ------------- if its price elasticity of demand is less than one.
inelastic
unit elastic
elastic
perfectly elastic
If income elasticity is between 0 and 1, then the product in question is -----------
income unit elastic
income inelastic
income elastic
income perfectly elastic
A product is considered ------------- if its price elasticity of demand is equal to infinity.
Perfectly inelastic
Perfectly elastic
Relatively elastic
Relatively inelastic
