Business, 04.11.2020 04:30 imalivingpotato

There are a couple of questions in this: 1) Which of the following statements is true?
a. Elasticity is identical to the slope of the demand curve.
b. A single, straight-line demand curve can be elastic in one region and inelastic in another.
c. Perfectly inelastic demand can be represented by a horizontal line.
d. When demand is unit elastic, revenue is strongly affected by price changes.
e. You can always determine the relative elasticity of demand for two products by
comparing the slope of their demand curves.

2) In the market for green beans, as price rises from $2 to $3 per pound of green beans, producer revenues increase from $50,000 to $80,000. What can we say about the price
elasticity of demand for green beans?
a) Demand is price inelastic
b) Demand is price elastic
c) Demand is unit elastic
d) Green beans are an inferior good
e) Green beans are a normal good

3) Five students are willing to pay $5 for an ice cream cone and the price for an ice cream cone at Baskin Robbins is $3. What is the total consumer surplus among the five students?
a) $2
b) $10
c) $15
d) $20

Answers: 2

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There are a couple of questions in this: 1) Which of the following statements is true?
a. Ela...

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