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Micro
Economics
Elasticity of Demand
The general reason
for higher elasticity of demand for something is
|
change in the value of money |
change in income |
|
change in price |
all |
The elasticity of demand for necessities:
|
equal to unit |
less than unit |
|
more than unit |
none |
The elasticity for luxury
items is usually.
|
less than unit |
more than unit |
|
equal to unit |
all |
Income elasticity of demand
is related to.
|
income |
money |
|
price |
none |
Price elasticity of demand may
be.
|
less than unit |
equal to a unit |
|
more than unit |
all |
Income elasticity of an item can be.
|
less than unit |
equals to unit |
|
more than units |
all |
Elasticity due to fashion, climate and
changes income etc. can be.
|
less than unit |
more than unit |
|
equal to unit |
all |
Cross elasticity is concerned to.
|
rare items |
drugs |
|
anyone |
none |
Cross elasticity
is concerned to.
|
essentials |
substitutes |
|
both |
none |
These are the degrees of
elasticity of demand.
|
E> 1 |
E <1 |
|
E = 1 |
All |
Demand elasticity is measured by the method.
|
total expenditure method |
percentage formula |
|
geometrical method |
all |
Is important factor in
determining elasticity of demand by expenditure method.
|
cost |
expenses |
|
income |
all |
The elasticity of demand at the midpoint of a curve is.
|
less than one unit |
more than one unit |
|
equal to zero |
equal to unit |
If a point on a demand curve is
slightly higher than the middle point, elasticity will be.
|
less than unit |
greater than unit |
|
equal to unit |
none |
If a point on a demand line is slightly lower than the
middle point, elasticity will be.
|
equal to unit |
more than unit |
|
less than unit |
all |
Elasticity of bread and
milk may be----- than that of mobile phones.
|
equal |
more |
|
less |
all |
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