Workbook in Introductory Economics - download pdf or read online

By Colin Harbury (Auth.)

ISBN-10: 0080274420

ISBN-13: 9780080274423

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Less than at 5. Part of a demand schedule for peaches is shown below: Price (pence) Quantities demanded 100 60 35 5 6 7 Which of the following statements about the elasticity of demand is correct? (Note: For this question assume that percentage changes in price and quantity are calculated as percentages of the original price or quantity). (a) (b) (c) (d) (e) 27 Price Price Price Price Price rises rises falls falls rises from from from from from 5p 5p 6p 7p 6p to to to to to 6p, elasticity 6p, elasticity 5p, elasticity 6p, elasticity 7p, elasticity of of of of of demand demand demand demand demand = = = = = (-)4"· (-)4 · (-)2 · (-)-$-.

E) any straight line. 32 If the total expenditure (or outlay) by consumers on a particular product is always the same whatever price is charged for it, then (a) (b) (c) demand must have an elasticity of unity. supply must have an elasticity of unity. increases or decreases in demand must always be exactly counterbalanced by increases or decreases in supply. (d) the government must be imposing an equalizing tax. (e) either the demand or the supply must have an elasticity equal to zero. 33 In a market where the product is in perfectly inelastic supply, the functions of prices are 1.

I1 F a r e s on t h e London Tube v a r y w i t h d i s t a n c e ; t h o s e on t h e P a r i s Metro a r e s t a n d a r d i z e d p e r j o u r n e y r e g a r d l e s s d i s t a n c e . Compare t h e economic e f f e c t s of t h e two s y s t e m s . 9 12. How f a r can i t b e s a i d t h a t demand c u r v e s s l o p e downwards f o r t h e o p p o s i t e r e a s o n t h a t s u p p l y c u r v e s s l o p e upwards? 13. ' Discuss. 14. E x p l a i n , w i t h p a r t i c u l a r r e f e r e n c e t o t h e e l a s t i c i t y of demand and s u p p l y , what t y p e of goods would b e chosen f o r t a x a t i o n by a government which wished t o r a i s e t h e most revenue f o r i t s e l f c o n s i s t e n t w i t h t h e minimum p r i c e r i s e t o consumers.

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Workbook in Introductory Economics by Colin Harbury (Auth.)

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