Can you answer these without any description I just need the answers.
Which degree of elasticity exist in theory but, are not common in reality? a. Elastic O b. Inelastic Oc. Perfectly inelastic O d. Unit elastic If the elasticity of demand is 2.4, what can you tell about the elasticity of demand for the product? a. Elastic O b. Inelastic O c. Perfectly inelastic O d. Unit elastic What happens to total revenue when a good with elastic demand undergoes an increase in price? a. Increase in total revenue b. Decrease in total revenue c. Total revenue stays the same d. None of them above 1 point 1 point 1 point Price S P Po Quantity True or False: Change in price has an impact on total revenue True O False True or False: When calculating elasticity of demand, we only take the absolute value of numbers True False 1 point 1 point If a consumer has limited time to consider responding to a price change, what does that suggest about its potential elasticity? a. Elastic O b. Inelastic Oc. Unit elastic O d. Relatively elastic PES stands for 1 point O a. Price Elasticity of Supply Ob. Product Elasticity of Supply O c. Projection Elasticity of Supply The graph below represents a specific PES. Which degree of elasticity does 1 point the graph protray? a. Elastic Ob. Inelastic O c. Perfectly inelastic O d. Unit elastic 1 point A 12% decrease in price leads to 5% decrease in quantity supplied. What 1 point is the price elasticity of supply? a. 0.41 b. 41% c. 4% d. 4.1% POPS are in high demand which made the price of each pop rise 10% per 1 point item. This increase in price lead to an increase in supply from 1000 to 1500 units. What is the price elasticity of supply? a. 4 O d. 5 A decrease in the price of fidget spinners leads to an increase in quantity 1 point demanded from 5 units to 20 units. How large is the increase in quantity demanded? O a. 0.3% b. 3% c. 30% d. 300% b. 0.50 c. 50 True or False: Elastic goods do not have many substitutes True O False True or False: Demand for luxuries tends to be inelastic because not everyone can afford them True O False True or False: Unit elasticity can be represented by a steep supply curve 1 point True False A 5% increase in price leads to a 7.5% increase in quantity supplied. What is 1 point the degree of elasticity? a. Elastic b. Inelastic c. Perfectly inelastic d. Unit elastic 1 point 1 point You are in the market to buy new shoes but, did not want to spend too 1 point much. As you are researching, you notice that Nike has a price reduction from $220 for a pair of shoes to $160. This reduction causes you demand to increase from getting 4 pairs of shoes to getting 7 pairs of shoes. Which statement best describes the degree of elasticity? OA. >1 B.
