1the demand for good x has been estimated by qxd 12

Economics

1. The demand for good X has been estimated by QXd =12 - 3PX + 4PY. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity.

A. -0.2

B. -0.3

C. -0.5

D. -0.6

2. If quantity demanded for sneakers falls by 10% when price increases 25% we know that the absolute value of the own-price elasticity of sneakers is:

A. 2.5

B. 0.4

C. 2.0

D. 0.27

3. The demand curve for a good is horizontal when it is:

A. A perfectly inelastic good

B. A unitary elastic good

C. A perfectly elastic good

D. An

4. Suppose QXd = 10,000 - 2 PX + 3 PY - 4.5M , where PX = $100, PY = $50, and M = $2,000. What is the own-price elasticity of demand?

A. -2.34

B. -0.78

C. -0.21

D. -1.21

5. If the price of pork chops falls from $8 to $6, and this leads to an increase in demand for apple sauce from 100 to 140 jars, what is the cross price-elasticity of apple sauce and pork chops at a pork chop price of $6?

A. -0.1.17

B. 2.71

C. 0.42

D. -0.86

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Microeconomics, Economics

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