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Answer each of the following questions.

1)If a 10% increase in price leads to a 40% decrease in quantity demanded, what is the value of price elasticity of demand? Show your work.
2)Which of the following will cause the demand for a good or service inelastic?
Having few substitutes
A longer time period
Being a luxury
Being a large share of the consumer's budget

3)If the price elasticity of demand is equal to 0.5, is demand elastic, inelastic, or unitary elastic?
4)Will a perfectly elastic supply curve be vertical, horizontal, or upward-sloping?
5)What price elasticity of supply will lead to a smaller increase in quantity when price changes— elastic, inelastic, or unitary elastic?

Sagot :

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