1. What is the price elasticity of demand for fast food in China? Is it elastic or inelastic?

Refer to the following figure. When price is $5 and quantity demanded is 3,000, what is the point elasticity of demand? IP 20 Price (dollars) 15 810 S 0 -1/3 -1 -5 -2/3 1,000 2,000 Quantity 3,000 D 4,000 2

K Use the price-demand equation to find E(p), the elasticity of demand. x= f(p)=90-0.8eP E(p)=

Which of the following is likely to have the highest (in absolute value) demand elasticity? A.Cigarettes b.A necessary medication without close substitutes c.Camel brand cigarettes

3. Suppose the price elasticity of demand for gasoline is 0.2 in the short run and 0.7 in the long run. If the price of gasoline rises 28 percent, what effect on quantity demanded will this have in the short run? In the long run?

Use the following information about the demand elasticities for apples’s in the US to answer the questions that follow.Own-price elasticity: -0.45Cross-price elasticity with bananas:  0.15Cross-price elasticity with eggs: -0.30Income elasticity: 0.15 Suppose that apple consumption in the US rose by 7.5% due to a change in income.  Which of the following happened?   a. Incomes rose by 100%   b. Incomes rose by 15%   c. Incomes rose by 200%   d. Incomes rose by 50%

If the price of sugar rises from $16 per kg to $18 per kg. the quantity supplied expands from 100kg to 150kg. What is the elasticity of supply of sugar?

Q3 price Quantity demanded A 60 100 B 50 200 C 40 300 D 30 40 0 35 Quantity supplied 50 45 40 Use the information in the table above: a- Calculate the price elasticity of demand when the price changed from 50 to 60. b- Calculate the price elasticity of supply when the price changed from 40 to 30.

Question 40 Suppose the elasticity of demand for watches is -0.60. If the price rises by 12% how much does the quantity demand change by? a. Quantity demanded falls by 7.2% b. Quantity demanded falls by 3.6% c. Quantity demanded falls by 12% d. Quantity demanded falls by 20%