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| Two economics questions on Elasticity of Demand:? 1. Students demand for food and drinks in a high school cafeteria at lunchtime is probably price inelastic if: a) Quantity demanded falls when price increases b)A fall in price causes a rise in total spending on food and drinks. c) A rise in price causes the total expenditure on food to fall d) There was a reduction in student grants e) There are no other means of having lunch. 2. If average consumer income rises proportionately faster than the demand for a product, then the income elasticity of demand for the product is" a) 0 b) >0 but <1 c) >1 d) negative e) equivalent to 1 |
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| Thread | Thread Starter | Forum | Replies | Last Post |
| Economics questions on elasticity? | Chocolate Strawberries. | Economics | 1 | 04-05-2008 02:51 PM |
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| Economics elasticity of demand question.? | Jtro | Economics | 0 | 03-31-2008 11:13 PM |
| Economics (effect of total revenue and price elasticity of demand)? | Sara H | Economics | 0 | 03-11-2008 08:41 PM |
| Economics Questions on elasticity of supply and demand...anyone help? | pumpkinz | Economics | 0 | 02-24-2008 06:01 PM |