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by BlastRoom
Explore the four determinants of demand elasticity and their effect on total revenue.
#us_hs_economics
20 questions
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A store sells one brand of bottled water beside many similar brands at similar prices. Which determinant makes demand for that brand more elastic?
Insulin is essential for many people who need it. Which determinant helps explain why its demand tends to be inelastic?
A $3 box of paper clips is a tiny part of a typical household budget. Which determinant helps explain its relatively inelastic demand?
After gasoline prices rise, drivers may initially keep their usual commuting routines but change cars or routes months later. Which determinant explains the greater later response?
A city has only one local cable provider, but streaming services offer many alternatives to cable. Which determinant makes cable demand more elastic?
A family views an annual beach vacation as optional rather than essential. Which determinant makes demand for the vacation more elastic?
A new car costs a large fraction of a household's yearly income. Which determinant makes demand for cars more elastic than demand for inexpensive pencils?
A prescription drug has no equivalent alternative. What does the lack of close substitutes do to demand for the drug?
A concert ticket is a luxury purchase rather than a necessity. How does that characteristic affect demand elasticity?
Rent takes a large share of a student's income, while pencils take a tiny share. Based on share of income, how does demand for housing compare with demand for pencils?
Consumers have several years to respond to a rise in home-heating costs by insulating homes or replacing equipment. Demand over that longer period becomes what?
Salt is inexpensive and accounts for a very small part of most food budgets. Its demand is likely to be what?
A movie theater knows demand for its tickets is elastic. If it raises ticket prices, what happens to total revenue?
Demand for a life-saving medicine is inelastic. The seller lowers its price. What happens to total revenue?
A gym's memberships have unit elastic demand. If the gym cuts its membership price by 8 percent, what happens to total revenue?
A transit agency faces inelastic demand for a bus route and raises fares. What is the expected effect on fare revenue?
A clothing store finds demand for a jacket is elastic and cuts its price. What is the expected effect on total revenue?
Which factor is one of the four standard determinants of price elasticity of demand?
Which factor is one of the four standard determinants of price elasticity of demand?
Which factor is one of the four standard determinants of price elasticity of demand?
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20 questions
