Need help with Multiple Choice!!

  • 1 vote

Especially Elasticity.

Any tips??

Posted Mon 8th October, 2012 @ 10:56 by Alex

14 Answers

  • 1 vote

You don't need to answer all of them. I just don't see how to work them out :( 

7) A good has unitary price elasticity of demand and at a price of $25 it sells 100 000 units. 

Which price must the firm charge if it wants to sell 125 000 units of the good? 

A  $22  B  $20  C  $18  D  $15

8) The table shows how an individual’s consumption of cola and nuts varies with income. 

income ($) cola (cans) nuts (packets) 

50              2              0 

100            4              1 

Which statement about income elasticity of demand over the range of income shown is true? 

A For cola it is less than 1. 

B For cola it is greater than 1. 

C For nuts it is greater than 1. 

D For nuts it is zero.

6)  A good has a unitary price elasticity of demand and at a price of $20 a firm sells 40 000 units.

How many will the firm sell if it charges a price of $5?

A 10 000 B 100 000 C 160 000 D 200 000

7)  The cross elasticity of demand between two products, X and Y, is negative.

What would be the immediate effect of a rise in the price of product Y?

A Quantity demanded of product X will fall.

B Supply of product X will rise.

C The cross elasticity of demand will rise.

D The price of product X would rise.

24) In which year did the real value of money rise?

year Price Index

(base year 2001)

A 2002 100

B 2003 104

C 2004 104

D 2005 103

Answered Wed 10th October, 2012 @ 05:40 by Alex
Edited by Alex on Wed 10th October, 2012 @ 05:42
  • 0 votes

What are you finding difficult with elasticities? (Cause I personally hate them)

Answered Tue 9th October, 2012 @ 22:15 by Amba
  • 0 votes

So sorry I also really struggle with elasticities. What exam board r u with btw??

Answered Thu 11th October, 2012 @ 16:00 by Amba
  • 0 votes

CIE AS Economics

Answered Fri 12th October, 2012 @ 07:08 by Alex
  • 0 votes

Im doing Edexcel. What's CIE like is it hard???

Answered Sat 13th October, 2012 @ 11:29 by Amba
  • 0 votes

Not really. Accounting is though :( 

Hby??

Answered Mon 15th October, 2012 @ 06:41 by Alex
  • 0 votes

Edexcel is ok but the data questions are bit lengthy what other subjects you doing?

Answered Tue 16th October, 2012 @ 15:02 by Amba
  • 0 votes

AS Accounting, Economics, English Literature, History, 2 Year AS Maths :( and Pre-U Philosophy and Theology.

Hby?  

Answered Wed 17th October, 2012 @ 10:24 by Alex
  • 0 votes

Is this A-level Economics?? 

I've done Economics at GCSE and thinking of doing it for A-level, is it hard??

Answered Thu 18th October, 2012 @ 14:20 by Miss-know-it-all <3
  • 0 votes

I think it's the easiest subject of them all. Most of it is common sense and a lot of AS level is just from GCSE level. 

Answered Sat 20th October, 2012 @ 09:16 by Alex
  • 0 votes

Oh okay thats good then

Answered Sat 20th October, 2012 @ 21:56 by Miss-know-it-all <3
  • 0 votes

Im doing English lit, biology and economics :)

Answered Mon 22nd October, 2012 @ 15:20 by Amba
  • 0 votes

what books are you reading?

Answered Wed 24th October, 2012 @ 08:42 by Alex
  • 0 votes

For English Lit - The kite runner and Enduring love u?

Answered Fri 26th October, 2012 @ 17:48 by Amba