IB Economics Unit 2.3: Microeconomics - Elasticities

1#

The table below indicatesj.f *mq/4zp(azxr ( xbz-uv-p the supply schedule for oranges

Price(US$/dozen)	Quantity supplied (dozens)
6	20
7	28

Calculate the price elasticity of supply (PES) when the price of a dozen oranges increases from US$\$$6 to US$\$$7?

A. 4

B. 2.4

C. 0.42

D. 8

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2#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Identify which of the following is a determinant of price er+,nje gn.91q2 bz zuj:4l ogolasticity of supply (PESnqn 9uojl 1b: ge.zgj+r,z24 o).

A. Ability to store

B. Availability of substitutes

C. Proportion of income spent

D. Degree of necessity

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3#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Assume the price elasticity of demb9i ve3sy:(ny u sy o)imef;5:and (PED) for a home cleaning service changes from 1.81.8 to 1.21.2. Which of thein;my9(vf y euso3) 5seb ::yi following statements explain this change?
I. a competing firm increased its operating hours
II. a competing firm begins focusing on office cleaning
III. incomes of potential customers increase

A. I only

B. I and II only

C. I and III only

D. II and III only

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4#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

What market that is most likely pictured in the diagram above?

A. Pills produced by a pharmaceutical company

B. Smartphones produced by an electronics company

C. Tickets at a sporting event at a stadium

D. Barrels of oil sold by an oil company

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5#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

In the market for a good, assume the incomeuf(t n*6fsbo4v)wiy- of consumers increases by 10% and quantity demanded of the good increases by 5%. Calculate the income el(i4b)6f fy- vt*su nwoasticity of demand (YED), and state the type of good it is.

A. YED is 0.5,Type of good is Luxury

B. YED is 0.5,Type of good is Necessity

C. YED is 2,Type of good is Normal

D. YED is 2,Type of good is Inferior

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6#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Identify which of the following are valid reasons wessy5o6-)w*ngbwz j8 hy the price elasticity of supply (PES) for primary commodities is generally lower than the PES for manufactured prod8b es*5 sow)zj wy-ng6ucts.

A. Primary commodities is Tend to be necessities,Manufactured products is Likely to be easier to store

B. Primary commodities is Take time to grow/extract ,Manufactured products is Tend to be luxuries

C. Primary commodities is Have few substitutes,Manufactured products is Have many substitutes

D. Primary commodities is Take time to grow/extract ,Manufactured products is Likely to be easier to store

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7#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Rrice	Quantity demanded
US$20	100
US$21	97

Calculate the price elasticity of demand for the product in the table above when the price increases from US $\$$20 to US $\$$21.

A. 3

B. 1.67

C. 0.6

D. 0.33

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8#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

In the hypothetical country of Smokela krss-4+1yxs vnd, the government implements high indirect taxes on cigarettes to deter consumption. Strict regulations on advertising and promotskvx1-4+srsy ion, coupled with public health programs funded by tax revenues, lead to reduced smoking rates and improved public health outcomes.
Which of the following is not a possible outcome of these forms of government intervention?

A. Job losses in the tobacco industry.

B. Reductions in incomes of tobacco farmers.

C. Smuggling of cigarettes from neighbouring countries.

D. The tax burden falling disproportionately on the tobacco industry.

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9#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

The price of a product falls fro7qjh(dw4f orf c1q :x-m $\$$30 to $\$$25, and as a result, quantity supplied decreases from 250 000 to 200 000. Calculate the PES and determine whether supply is price-elastic or price-inelastic.

A. PES values is 0.83,Price-elastic or inelastic is price-inelastic

B. PES values is 1.20,Price-elastic or inelastic is price-elastic

C. PES values is 1.20,Price-elastic or inelastic is price-inelastic

D. PES values is 0.83,Price-elastic or inelastic is price-elastic

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10#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

For a straight-line demand curve, whic bq bk,s+3.g( r9xzffah of the following will occur when the price is lb+fzk9ga( r3,x.fs qbowered?

A. The total revenue decreases.

B. The demand curve shifts rightward.

C. The price elasticity of demand decreases.

D. The demand curve for complements shifts leftward.

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11#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Which point on the Engel curve above identifies the situation where blankets are a luxury good?

A. choice A

B. choice B

C. choice C

D. choice D

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12#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

For a 5% decrease in the price of a good, assume the price elasticity of deman3ia6fy2f ;cocfkx 1we2xd5v8 d (PED) is −1.95. Which group of outcomoxv;c81 f3 w xf6iday5k22 feces below correctly determines the impact of the change in price of the good?

A. Total revenue is Increases,Quantity demanded is Increases by 9.75%

B. Total revenue is Increases,Quantity demanded is Increases by 2.78%

C. Total revenue is Decreases,Quantity demanded is Increases by 9.75%

D. Total revenue is Decreases,Quantity demanded is Increases by 2.78%

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13#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

	Gizmos	Whats its	Widgets
Firm A weekly production	80	70	50
Income elasticity of demand(YED)	1.2	0.6	-0.4

Assume consumers' incomes fall, and the chief operating officer of Firm A recommends reallocating production inputs to reflect changes in demand. Which of the following recommended reallocations would lead to the greatest increase in sales for Firm A?

A. produce 100 gizmos, 80 whatsits, and 20 widgets

B. produce 150 gizmos, 50 whatsits, and 0 widgets

C. produce 40 gizmos, 100 whatsits, and 60 widgets

D. produce 45 gizmos, 55 whatsits, and 90 widgets

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14#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Oil has price inelas0p9648kt.c hu3 ;vvmet az rkptic supply because
I. It has limited substitutes
II. It takes time to adjust production inputs
III. Production involves a high cost
IV. It is a necessity

A. I and II only

B. I and IV only

C. II only

D. II, III and IV

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15#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Consumer electronics have price elastic supply because ftbis6l0)f8 (9 vj zx9jgk e3f
I. They are durable and can be stored
II. They do not take a long time to produce
III. They have a lot of substitutes
IV. They are luxuries

A. I only

B. I and II only

C. II only

D. III and IV only

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16#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Which of the following statements correctly compares the supply curves above?

A. $S_1$ has the highest elasticity of supply

B. $S_2$ has the highest elasticity of supply

C. $S_3$ has the highest elasticity of supply

D. All 3 curves have the same elasticity of supply

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17#

单选题 ( 1.0 分) 切至整卷模式搜藏此题

Assume that the price elasticvb ron 0jvt5 /e;(p5va*teb4kity of supply is 3 when the price of a product increases frpobavntbe/e;* r0v vk5j4(t 5om $\$$40 to $\$$42.
If the change in quantity supplied is 270, how many units of the product will suppliers produce at the current price?

A. 1800

B. 5400

C. 810

D. 264

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