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11th -

12thgrade

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Elasticity

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  • 1. Multiple Choice
    2 minutes
    1 pt
    The quantity of peanuts supplied increased from 40 tons/week to 60 tons/week when the price of peanuts increased from $4/ton to $5/ton. The price elasticity of supply for peanuts over this price range is:
    Elastic
    Inelastic
    Unit Elastic
    Perfectly Inelastic
  • 2. Multiple Choice
    2 minutes
    1 pt
    A city's transit authority increases the price of subway and bus tickets from $1.25 to $1.50. If the demand for these tickets is price inelastic, 1) the # of people riding buses & subways AND 2) the city's revenues will change in which way (respectively)?
    1) Increase; 2)Increase
    1) Decrease; 2) Increase
    1) Decrease; 2) Decrease
    1) No Change; 2) Increase
  • 3. Multiple Choice
    1 minute
    1 pt
    The market for goldfish is competitive. From year 1 to year 2, both the price and the quantity of goldfish increase. This is most likely caused by:
    An increase in the supply
    A decrease in the demand
    An increase in the demand
    A decrease in both the demand & the supply
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