The income elasticity is +2 and income increases by 20% sales were 5000 units, what will they be now ?

A. 3000
B. 7000
C. 5500
D. 4500

Price increases from 10 to 12 pence and the price elasticity of demand is -0.5 The quantity demanded was 500 units. What will it be now ?

A. 550 units
B. 500 units
C. 450 units
D. 490 units

For an inferior good ?

A. The price elasticity of demand is negative: the income elasticity of demand is negative
B. The price elasticity of demand is positive the income elasticity of demand is negative
C. The price elasticity of demand is negative the income elasticity of demand is positive
D. The price elasticity of demand is positive the income elasticity of demand is positive

Which best describes a supply curve ?

A. The quantity consumers would like to buy in an ideal world
B. The quantity producers are willing and able to sell at each and every price all other things unchanged
C. The quantity producers are willing and able to sell at each and every income all other things unchanged
D. The quantity producers are willing and able to sell at each and every point in time all other things unchanged

The price of computer chips used in the manufacture of personal computers has fallen. This will lead to _________ personal computer?

A. A decrease in the quantity supplied of
B. A decrease in the supply of
C. An increase in the quantity supplied of
D. An increase in the supply of

Market equilibrium exists when _________ at the prevailing price?

A. Quantity demanded equals quantity supplied
B. Quantity demanded is less than quantity supplied
C. Quantity supplied is greater than quantity demanded
D. Quantity demanded is greater than quantity supplied

The price elasticity of demand is the ?

A. Ratio of the change in price to the change in quantity demanded.
B. Ratio of the percentage change in quantity demanded to the percentage change in price.
C. Ratio of the change in quantity demanded to the change in price.
D. Ratio of the percentage change in price to the percentage change in quantity demanded.

The price of burgers increase by 22% and the quantity of burgers demanded falls by 25% This indicates that demand for burgers is ____________?

A. Elastic
B. Perfectly elastic
C. Unitarily elastic
D. Inelastic.

If the quantity demanded of beef increases by 5% when the price of chicken increase by 20% the cross-price elasticity of demand between beef and chicken is ?

A. -4
B. 0.25
C. 4
D. -0.25

Which best describes a demand curve ?

A. The quantity consumers would like to buy in an ideal world
B. The quantity consumers are willing to sell
C. The quantity consumers are willing and able to buy at each and every income all other things unchanged
D. The quantity consumers are willing and able to buy each and every price all other things changed