ECS1501 ASSIGNMENT 8 SEMESTER 2 OF 2022
What happens to the price elasticity of the demand for coal when the quantity of coal
demanded is measured in kilograms instead of tons?
The price elasticity will be neither more nor less elastic.
The price elasticity will be undefined.
The price elasticity will be more elastic.
The price elasticity will be less elastic.
If the price elasticity of medical care is 0,31 it can be concluded that the demand for
medical care is ________ since the percentage change in quantity demanded is ________
the percentage in price.
price elastic; less
price inelastic; greater
price inelastic; less
price elastic; greater
Price elasticity of demand gives us a measure of how sensitive or responsive the ________
of a good or service is to a change in the _________ of a good or service.
price; demand
demand; price
quantity demanded; price
price; quantity demanded
, Elasticity and slope are not the same.
True
False
Unsure
A perfectly elastic demand curve is horizontal (ie parallel to the quantity axis).
True
False
Unsure
One reason why petrol has a low price elasticity of demand is because it is
complementary to motor vehicles (if you have a car you have to purchase petrol).
True
False
Unsure
Price elasticity of demand is a measure of the responsiveness of quantity demanded to
changes in price.
True
False
Unsure
What happens to the price elasticity of the demand for coal when the quantity of coal
demanded is measured in kilograms instead of tons?
The price elasticity will be neither more nor less elastic.
The price elasticity will be undefined.
The price elasticity will be more elastic.
The price elasticity will be less elastic.
If the price elasticity of medical care is 0,31 it can be concluded that the demand for
medical care is ________ since the percentage change in quantity demanded is ________
the percentage in price.
price elastic; less
price inelastic; greater
price inelastic; less
price elastic; greater
Price elasticity of demand gives us a measure of how sensitive or responsive the ________
of a good or service is to a change in the _________ of a good or service.
price; demand
demand; price
quantity demanded; price
price; quantity demanded
, Elasticity and slope are not the same.
True
False
Unsure
A perfectly elastic demand curve is horizontal (ie parallel to the quantity axis).
True
False
Unsure
One reason why petrol has a low price elasticity of demand is because it is
complementary to motor vehicles (if you have a car you have to purchase petrol).
True
False
Unsure
Price elasticity of demand is a measure of the responsiveness of quantity demanded to
changes in price.
True
False
Unsure
