Mastering Demand Elasticity and Forecasting
10 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Define Elasticity of Demand.

  • The measure of how sensitive the quantity demanded of a good is to a change in income.
  • The measure of how sensitive the quantity demanded of a good is to a change in price. (correct)
  • The measure of how sensitive the quantity supplied of a good is to a change in income.
  • The measure of how sensitive the quantity supplied of a good is to a change in price.

    • What are the factors affecting Elasticity of Demand?

  • Price of the good, income level, availability of substitutes. (correct)
  • Price of the good, production costs, market competition.
  • Price of the good, consumer preferences, government regulations.
  • Price of the good, advertising expenditure, brand loyalty.

    • Define Demand Forecasting.

  • The process of analyzing past demand for a product or service.
  • The process of determining current demand for a product or service.
  • The process of predicting demand for a product or service based on market trends.
  • The process of estimating future demand for a product or service. (correct)

    • What are the determinants of supply?

    <p>Price of the good, production costs, technology, number of suppliers.</p> Signup and view all the answers

    Define Price Elasticity.

    <p>The measure of how sensitive the quantity demanded or supplied of a good is to a change in its price.</p> Signup and view all the answers

    Which of the following best defines elasticity of demand?

    <p>The measurement of how sensitive the quantity demanded is to a change in price</p> Signup and view all the answers

    What is the law of demand?

    <p>As the price of a good increases, the quantity demanded decreases</p> Signup and view all the answers

    Which of the following is an exception to the law of demand?

    <p>Giffen goods</p> Signup and view all the answers

    What are the factors affecting elasticity of demand?

    <p>Price of the good, price of substitutes, income of consumers</p> Signup and view all the answers

    What is the law of supply?

    <p>As the price of a good increases, the quantity supplied increases</p> Signup and view all the answers

    More Like This

    Mastering Demand Elasticity and Forecasting
    5 questions

    Mastering Demand Elasticity and Forecasting

    RegalLlama avatar
    RegalLlama
    Mastering Price Elasticity
    5 questions

    Mastering Price Elasticity

    SolidRoseQuartz avatar
    SolidRoseQuartz
    Mastering Price Elasticity of Demand
    10 questions

    Mastering Price Elasticity of Demand

    WellBacklitPrudence avatar
    WellBacklitPrudence
    Mastering Demand and Supply
    6 questions

    Mastering Demand and Supply

    ErrFreeTaiga avatar
    ErrFreeTaiga
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser