Chapter 6 & 10 Quiz X Chapter 6 & 10 Quiz X Course Hero X G what role does utility play in the x + X C A mylab.pearson.com/Student/PlayerTest.aspx?testId=249366730 Economics 1001 - Section 5 - Online - Speicher Kyla Rose = Quiz: Chapter 6 & 10 Quiz Question 15 of 15 This quiz: 15 point(s) possible This question: 1 point(s) possible Submit quiz Question list K Economists' estimates of price elasticities can differ somewhat, depending on the time period and on the markets in which the price and quantity data used in the estimates were gathered. An article in the New York Times contained the following statement from the Centers for Disease Control and Prevention: "A 10 percent increase in the price of cigarettes reduces consumption by 3 to 5 percent." O Question 10 Given this information, compute the range of price elasticity of demand for cigarettes. Source: Shaila Dewan, "States Look at Tobacco to Balance the Budget," New York Times, March 20, 2009. O Question 11 According to the article, the price elasticity of demand for cigarettes ranges from | |(the lowest end of the range in absolute value) to | . (Enter your responses as real numbers rounded to two decimal places.) O Question 12 Explain whether the demand for cigarettes is elastic, inelastic, or unit elastic. The price elasticities in this range O Question 13 O A. are unit - elastic because they are less than one (in absolute value). O B. are inelastic because they are less than zero. O C. are elastic because they are less than zero. O Question 14 O D. are inelastic because they are less than one (in absolute value). O E. are inelastic during a portion of the range and elastic during a portion of the range. O Question 15 If cigarette manufacturers raise prices, will their revenue increase or decrease? Briefly explain. Submit quiz M 31 Feb 20 1:03 5 9Chapter 6 & 10 Quiz X Chapter 6 & 10 Quiz X Course Hero X G what role does utility play in the x + X C A mylab.pearson.com/Student/PlayerTest.aspx?testId=249366730 Economics 1001 - Section 5 - Online - Speicher Kyla Rose ? = Quiz: Chapter 6 & 10 Quiz Question 15 of 15 This quiz: 15 point(s) possible This question: 1 point(s) possible Submit quiz Explain whether the demand for cigarettes is elastic, inelastic, or unit elastic. Question list K The price elasticities in this range O Question 10 O A. are unit - elastic because they are less than one (in absolute value). O B. are inelastic because they are less than zero. O C. are elastic because they are less than zero. O Question 11 O D. are inelastic because they are less than one (in absolute value). O E. are inelastic during a portion of the range and elastic during a portion of the range. O Question 12 If cigarette manufacturers raise prices, will their revenue increase or decrease? Briefly explain. If manufacturers raise prices, then their revenue will O Question 13 O A. decrease because the percentage increase in price will be larger than the percentage decrease in quantity. O B. increase because the percentage increase in price will be larger than the percentage decrease in quantity. O Question 14 O C. increase because price will increase. O D. decrease because quantity will decrease. Question 15 O E. remain unchanged because quantity will decrease as price increases. Submit quiz M 31 O Feb 20 1:03 6 9