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Chris M.
Chris M., M.S.W. Social Work
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Can you check me home work with correct answers Correct answers

Resolved Question:

Can you check me home work with correct answers? Correct answers are bold and underlined.



1.

Drug legalization can significantly reduce prices for cocaine. Addicts are unlikely to significantly change their consumption, their demand is _____ . Occasional users may respond by using considerably more drugs, their demand is _____ . Fill in the blanks.

A) unit elastic, zero elastic
B) inelastic, elastic
C) elastic, inelastic
D) fixed, upward sloping
E) variable, unit elastic

2.

The demand for a product tends to be inelastic if:

A) the product is expensive.
B) consumers are quick to respond to price changes.
C) a large proportion of consumer's income is spent on the good.
D) the good has few substitutes.
E) consumers have a lot of time to adjust to the change in price.

3.

If the income elasticity of demand for a good is greater than one, the good is:

A) an important part of consumer budget.
B) a noncyclical normal good (a necessity).
C) a cyclical normal good (a luxury).
Submitted: 4 years ago.
Category: Homework
Expert:  Chris M. replied 4 years ago.

Hello alidunki,

 

Can't see bolded or underlined in your post, but here are the answers for comparison with your own.

1. B) inelastic, elastic

2. D) the good has few substitutes.

3. C) a cyclical normal good (a luxury).

 

Thanks for using JustAnswer!



Edited by Chris M. on 2/18/2010 at 10:20 PM EST
Customer: replied 4 years ago.

They are all togather 17 questions.

Let me check if they are posted correctly.

Expert:  Chris M. replied 4 years ago.

HelloCustomer

 

Yes, only three questions posted.

 

-Chris M.

Customer: replied 4 years ago.

These are 17 questions. Answers are underlined and bold also. If you have problem let me know .

Hope to hear from you soon.

1.

Drug legalization can significantly reduce prices for cocaine. Addicts are unlikely to significantly change their consumption, their demand is _____ . Occasional users may respond by using considerably more drugs, their demand is _____ . Fill in the blanks.

A) unit elastic, zero elastic
B) inelastic, elastic
C) elastic, inelastic
D) fixed, upward sloping
E) variable, unit elastic

2.

The demand for a product tends to be inelastic if:

A) the product is expensive.
B) consumers are quick to respond to price changes.
C) a large proportion of consumer's income is spent on the good.
D) the good has few substitutes.
E) consumers have a lot of time to adjust to the change in price.

3.

If the income elasticity of demand for a good is greater than one, the good is:

A) an important part of consumer budget.
B) a noncyclical normal good (a necessity).
C) a cyclical normal good (a luxury).
D) an inferior good.
E) neither a normal nor an inferior good.

4.

Gigantic State University raises tuition for the purpose of increasing its revenue. GSU is assuming that the demand for education at GSU is :

A) relatively elastic
B) relatively inelastic
C) perfectly elastic
D) perfectly inelastic
E) decreasing

5.

The cross-price elasticity of demand is negative for :

A) digital cameras and memory cards
B) tickets to baseball games and tickets to football games
C) home meals and restaurant meals
D) pick-ups and SUVs
E) diapers and alcohol

6.

A 10% fall in the price of computer games results in a 5% increase in the quantity of computer games demanded. Elasticity of demand equals

A) 5
B) 2
C) 1
D) 0.5
E) 0.2

7.

The government wants to reduce the demand for electricity by 10%. If the price elasticity of demand for electricity is 0.4, the government must raise the price of electricity by

A) 2.5%
B) 4%
C) 10%
D) 25%
E) 40%

8.

Randy and Brad go out to night clubs frequently. If the entrance charge went up by 10% they would go to clubs 50% less. Their demand is

A) Elastic
B) Inelastic
C) Unit elastic
D) Upward sloping
E) Irrational

9.

The product demand curve for Widgets is Q = 140 - 10P. Calculate point elasticity of demand at P = $10.

A) -2.5
B) -4
C) -0.4
D) 2
E) 1.4

10.

Assume that amazon.com dropped the price on a men's Seiko watch from $120 to $60, and sales jumped from 50 to 100 units per day. Using Arc Price Elasticity formula, calculate the implied arc price elasticity of demand. Is a further price decrease warranted?

A) No, further decrease in price would reduce total revenue because EP = -1, which means that $60 is the revenue-maximizing price.
B) Yes, further decrease in price would reduce total revenue because EP < -1, which means that $60 is higher than the revenue-maximizing price.
C) Yes, further decrease in price would reduce total revenue because EP > -1, which means that $60 higher than the revenue-maximizing price.

11.

Deluxe Carpeting, Inc., is a leading manufacturer of stain-resistant carpeting. Demand for Deluxe products is tied to the overall pace of building and remodeling activity and, therefore, is sensitive to changes in national income. The carpet manufacturing industry is highly competitive, so Deluxe demand is also very price-sensitive.During the past year, Deluxe sold 28 million square feet of carpeting at an average wholesale price of $16 per square foot. This year, GDP per capita is expected to fall from $57,000 to $51,000 as the nation enters a steep recession. Without any price change, Deluxe expects current-year sales to fall to 20 million units.Calculate the implied arc income elasticity of demand.

A) 1
B) 2
C) 2.5
D) 3
E) 4

12.

Assume that the price elasticity of demand is -3.5 for one of your firm's products. If you, the manager, increase price, the firm's total revenue from this product will

A) decrease.
B) increase.
C) remain constant.
D) either increase or remain constant depending upon the size of the price increase.
E) disappear.

13.

A goodness of fit measure for a multiple regression model is provided by the:

A) coefficient of determination.
B) standard error of the estimate.
C) correlation coefficient.
D) F statistic.
E) t statistic.

14.

Lacy's Department Store has conducted a survey to learn the buying intentions of a sample of 62 customers. The survey asked each customer their household gross income(in $ thousands), and their number of shopping trips per year.The coefficient of correlation between the TRIPS and INCOME variables of 0.8 means that

A) there is a strong direct relation between the TRIPS and INCOME variables.
B) there is a strong inverse relation between the TRIPS and INCOME variables.
C) the researcher found no relation between the TRIPS and INCOME variables.
D) the sample size is too small to draw any conclusions.

15.

Refer to the question above. Suppose researchers obtain the following results for a simple regression over this sample where TRIPS is the dependent Y variable and INCOME is the independent X-variable.

The regression equation is: TRIPs = 0.5 + 0.1 INCOME

 

Predictor

Coef

Stdev

t ratio

 

Constant

0.48

0.30

1.6

 

INCOME

0.10

0.05

2.0

 

 

 

 

 

 

SEE = 0.3

R2 = 64%

 

F statistic = 106.7

 

Which of the following statements is FALSE?

 

 

A) The INCOME coefficient is statistically significant at the a = 0.05 level
B) a one-unit (thousand dollar) increase in INCOME results in an average increase of 0.1 units in the TRIPS variable.
C) 64% of the variation in the number of planned trips can be explained using just the INCOME independent variable.
D) In this example, the intercept is an accurate predictor of the number of planned trips for a department customer with zero income.
E) F statistic of 106.7 means that this level of explained variation is statistically significant at more than the 99% confidence level.

16.

The statistic used to test whether the independent variables taken as group statistically explain variation in the dependent variable is the

A) R-squared statistic.
B) t-statistic.
C) Durbin-Watson statistic.
D) F-test statistic.
E) coefficient of correlation.

17.

The statistic that tests an individual coefficient for statistical significance is the

A) R-squared statistic.
B) t-statistic.
C) Durbin-Watson statistic.
D) F-test statistic.
E) coefficient of correlation.

Expert:  Chris M. replied 4 years ago.
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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2527
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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