True or False. Inelasticity demand occurs when consumers are highly sensitive to price changes

The price elasticity of demand for good X is -0.5. (For the avoidance of doubt, this means that as the price rises, the demand for the good falls.) Choose true or false below. Demand for good X is price inelastic. Select one: O True ○ False If the price of good X doubles, demand should drop by 100%. Select one: O True ○ False If the price rises, total spending on good X will rise. Select one: O True ○ False Good X probably has many near-substitutes easily available. Select one: O True

Customers who are indifferent to price increases based on their income, taste and preferences are viewed as having inelastic demand True False Factor other than price may move demand curve  True False

You collected study survey data for the market of wheat and corn. The data indicates that if wheat costs $5, then 100 bushels of wheat are demanded, and 60 bushels of corn are demanded. If wheat costs $3, then 200 bushels of wheat are demanded, and 100 bushels of corn are demanded. If corn cost $2, then 125 bushels of corn are demanded. Can you estimate price elasticity of demand for either good? Select one: Oa. Yes. Price elasticity of supply for corn is 1.33 O b. Yes. Price elasticity of demand for corn is 1.33 O C. No. We need more information. O d. Yes. Price elasticity of demand for both good is 1.33 e. Yes. Price elasticity of demand for wheat is 1.33