Elasticity of Demand and Supply

If the percentage change in quantity demanded is greater than the percentage change in price, what type of demand elasticity is observed?

What condition defines perfectly inelastic demand?

Which scenario indicates unitary elasticity of demand?

How is the elasticity of demand calculated?

What does an elasticity of supply equal to zero imply?

How does the slope of a demand curve typically appear?

What type of elasticity is indicated when a product is considered highly sensitive to price changes?

Which scenario best describes goods with inelastic supply?

If the price of a product increases from $10 to $12, and the quantity demanded decreases from 20 units to 15 units, calculate the percentage change in quantity demanded.

Using the demand schedule data: Price (Php) 250, Quantity Demanded 20 and Price (Php) 200, Quantity Demanded 30. Calculate the percentage change in demand.

Using the demand schedule data: Price (Php) 250, Quantity Demanded 20 and Price (Php) 200, Quantity Demanded 30. Calculate the percentage change in price.

The price of concert tickets increases from $50 to $60, and as a result, the quantity demanded decreases from 1,000 to 800. What type of elasticity of demand do these tickets exhibit?

Assume the price elasticity of supply for gasoline is 0.2. If the price of gasoline increases by 10%, what will be the expected change in the quantity supplied?

If a university increases its tuition fees by 8%, and as a result, the number of students enrolling decreases by 4%, what type of demand is demonstrated?

The government imposes a new tax on a product, causing its price to increase significantly. If the quantity demanded of the product remains almost unchanged, what does this indicate about the nature of demand for the product?

A local bakery decides to lower the price of its signature bread by 15%. As a result, the quantity demanded increases by 20%. What does this situation imply about the price elasticity of demand for the bakery's signature bread?

A company that sells smartphone finds that when it raises the price of its latest model by 5%, its sales drop by 15%. What type of demand does the smartphone exhibit?

A life-saving medicine has a perfectly inelastic demand. If the price of this medicine increases, what will happen to the quantity demanded?

A popular music streaming service decreases its monthly subscription fee by 10%, resulting in a 25% increase in the number of subscribers. What does this scenario suggest about the demand for the music streaming service?

Suppose a company increases the supply of its product by 15%, and the market price decreases by 5%. What can be inferred about the elasticity of demand for the product?

When computing elasticity, what is the standard practice regarding the number of decimal places to include in the final answer?

Which of the following best describes the concept of elasticity of supply?

What distinguishes elastic supply from inelastic supply?

Assuming the supply of a certain type of artwork is perfectly inelastic, what would be the result of an increase in demand for this artwork?

Given the formulas for calculating percentage change in quantity demanded and percentage change in price, what step must be taken before computing the elasticity of demand?

What is a key difference between a supply curve and a demand curve?

Using the supply schedule data: PRICE (Php) 100, QUANTITY SUPPLIED 10 and PRICE (Php) 150, QUANTITY SUPPLIED 20. Calculate the percentage change in supply.

Using the supply schedule data: PRICE (Php) 100, QUANTITY SUPPLIED 10 and PRICE (Php) 150, QUANTITY SUPPLIED 20. Calculate the percentage change in price.

A store increases the price of chocolates. Although there were originally 100 bars sold at $$1, after the price rises to $$1.25, 90 bars are sold. What is the price elasticity of demand?