IB Economics Unit 2.3: Microeconomics - Elasticities

1#

The table below indicatjihqcfpr:6 4 7iuyb27 es 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 el 6f:l + e5vumphseg*k;o/m* )j6atn syasticity of supply (5 n f 6:a/y ;hs g*pjmuo)*6smleve+tkPES).

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 demand (PED) for a home cleaning ss;d e5xwp4 7drervice changes from 1.81.8 to 1.21.2. Which of the following statements expla;er p7d4xwd5sin 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 income of cons2siu rv7fn8ec5kw+08guzk ld0 y.qw9dhu v 2:umers increases by 10% and quantity demanded of the good increases by 5%. Calculate the income elasticity of demand (YED), and uw0vv5f2k:7w izhg2e ur 8+ d8cl0y .9nudqksstate 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 why q d7;8la:wxo1iq iye3the price elasticity of supply (PES) for primary commodities is generala owd;ilex: 1qiq3y78ly lower than the PES for manufactured products.

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 Smokeland, the governmv+rr/lhjxk+3od+c6ei ; nd 0 zent implements high indirect taxes on cigarettes to deter consumption. S c/rdkzvd6++rle hn +xij0;3otrict regulations on advertising and promotion, 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 fall si*b3g2tgsay4js,m 2fz7eh )s from $\$$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, whirxf7apn -9v2 4k2lkbwch of the following will occur when the prir axbkpf k4- nv7lw229ce is lowered?

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 tk m(jbte) ,+hahe price elasticity of demand (PED) is −1.95. Which group of outcomes below correctly determines themba +jkt (e)h, 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 inelastln g;;(sh wyodrwo)/,ic 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 havevxf9oji4b0 f / price elastic supply because
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 elasticity of supply is 3 when the 4t vjhdi;zxs-d:k xsl p465+cprice of a product increashtzid;jxcvd5 +lkx4s:-64 pses from $\$$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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