Home / My Courses / 2025 Fall 1 BADM 7200E for Faik Koray (Online)
/ Module 6: Demand Elasticity and Demand Estimation / Module 6 Homework Assignment
Module 6 Homework Assignment
Status Finished
Started Friday, October 3, 2025, 8:44 AM
Completed Friday, October 3, 2025, 4:42 PM
Duration 7 hours 58 mins
Grade 99.00 out of 100.00
Question 1
Correct 4.00 points out of 4.00
If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can
conclude that the demand for oil is
Select one:
A. relatively elastic.
B. relatively inelastic.
C. perfectly elastic.
D. perfectly inelastic.
The correct answer is: relatively inelastic.
Question 2
Correct 4.00 points out of 4.00
If an item has several good substitutes, the demand curve for that item is likely to be
Select one:
A. relatively inelastic.
B. relatively elastic.
C. perfectly inelastic.
D. unit elastic.
The correct answer is: relatively elastic.
, Question 3
Correct 4.00 points out of 4.00
When purchases of tennis socks decline following an increase in the price of tennis sneakers (other things
remaining equal), the relationship between these two items can be described as
Select one:
A. complementary.
B. substitutable.
C. unique.
D. ordinary.
The correct answer is: complementary.
Question 4
Correct 4.00 points out of 4.00
The owner of a produce store found that when the price of a head of lettuce was raised from 50 cents to $1,
the quantity sold per hour fell from 18 to 8. The arc elasticity of demand for lettuce is
Select one:
A. -0.56.
B. -1.57.
C. -0.8.
D. -1.15.
The correct answer is: -1.15.
/ Module 6: Demand Elasticity and Demand Estimation / Module 6 Homework Assignment
Module 6 Homework Assignment
Status Finished
Started Friday, October 3, 2025, 8:44 AM
Completed Friday, October 3, 2025, 4:42 PM
Duration 7 hours 58 mins
Grade 99.00 out of 100.00
Question 1
Correct 4.00 points out of 4.00
If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can
conclude that the demand for oil is
Select one:
A. relatively elastic.
B. relatively inelastic.
C. perfectly elastic.
D. perfectly inelastic.
The correct answer is: relatively inelastic.
Question 2
Correct 4.00 points out of 4.00
If an item has several good substitutes, the demand curve for that item is likely to be
Select one:
A. relatively inelastic.
B. relatively elastic.
C. perfectly inelastic.
D. unit elastic.
The correct answer is: relatively elastic.
, Question 3
Correct 4.00 points out of 4.00
When purchases of tennis socks decline following an increase in the price of tennis sneakers (other things
remaining equal), the relationship between these two items can be described as
Select one:
A. complementary.
B. substitutable.
C. unique.
D. ordinary.
The correct answer is: complementary.
Question 4
Correct 4.00 points out of 4.00
The owner of a produce store found that when the price of a head of lettuce was raised from 50 cents to $1,
the quantity sold per hour fell from 18 to 8. The arc elasticity of demand for lettuce is
Select one:
A. -0.56.
B. -1.57.
C. -0.8.
D. -1.15.
The correct answer is: -1.15.
