经济学原理对应练习 05(4)

184 ? Chapter 5/Elasticity and Its Applications

93. Refer to Figure 5-3. If price is originally within the C range of the demand curve and then it increases to a value

within the A range of the demand curve, we can expect total revenue to a. increase. b. decrease. c. stay the same.

d. This determination cannot be made without further information. ANS: D PTS: 1 DIF: 2 REF: 5-1 TOP: Total revenue MSC: Applicative

Figure 5-4 94. Refer to Figure 5-4. As price falls from PA to PB, which demand curve represents the most elastic demand?

a. D1 b. D2 c. D3

d. All of the above are equally elastic. ANS: A PTS: 1 DIF: 2 REF: 5-1 TOP: Price elasticity of demand MSC: Applicative

95. Refer to Figure 5-4. As price falls from PA to PB, we could use the three demand curves to calculate three different

values of the price elasticity of demand. Which of the three demand curves would produce the smallest elasticity? a. D1 b. D2 c. D3

d. All of the above are equally elastic. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Price elasticity of demand MSC: Applicative

96. When demand is inelastic, a decrease in price will cause

a. an increase in total revenue. b. a decrease in total revenue.

c. no change in total revenue, but an increase in quantity demanded. d. no change in total revenue, but a decrease in quantity demanded. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Inelastic demand | Total revenue MSC: Applicative

Chapter 5/Elasticity and Its Applications ? 185

Figure 5-5 97. Refer to Figure 5-5. When the price is $30, total revenue is

a. $3,000. b. $5,000. c. $7,000. d. $9,000. ANS: D PTS: 1 DIF: 1 REF: 5-1 TOP: Total revenue MSC:

Interpretive

98. Refer to Figure 5-5. When price falls from $50 to $40, it can be inferred that demand between those two prices is

a. inelastic, since total revenue decreases from $8,000 to $5,000. b. inelastic, since total revenue increases from $5,000 to $8,000. c. elastic, since total revenue increases from $5,000 to $8,000. d. unit elastic, since total revenue increases from $5,000 to $8,000. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Elastic demand | Total revenue MSC: Applicative 99. Refer to Figure 5-5. An increase in price from $20 to $30 would

a. increase total revenue by $2,000. b. decrease total revenue by $2,000. c. increase total revenue by $1,000. d. decrease total revenue by $1,000. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Total revenue MSC: Applicative 100. Refer to Figure 5-5. An increase in price from $30 to $35 would

a. increase total revenue by $250 b. decrease total revenue by $250. c. increase total revenue by $500. d. decrease total revenue by $500. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Total revenue MSC: Applicative 101. An increase in price causes an increase in total revenue when

a. demand is elastic. b. demand is inelastic. c. demand is unit elastic.

d. All of the above are possible. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Inelastic demand | Total revenue MSC: Applicative

186 ? Chapter 5/Elasticity and Its Applications

Figure 5-6 102. Refer to Figure 5-6. If price increases from $10 to $15, total revenue will

a. increase by $20, so demand must be inelastic in this price range. b. increase by $5, so demand must be inelastic in this price range. c. decrease by $20, so demand must be elastic in this price range. d. decrease by $10, so demand must be elastic in this price range. ANS: A PTS: 1 DIF: 2 REF: 5-1 TOP: Inelastic demand | Total revenue MSC: Applicative

103. Refer to Figure 5-6. Suppose this demand curve is a straight, downward-sloping line all the way from the horizontal

intercept to the vertical intercept. We choose two prices, P1 and P2, and the corresponding quantities demanded, Q1 and Q2, for the purpose of calculating the price elasticity of demand. Also suppose P2 > P1. In which of the following cases could we possibly find that (i) demand is elastic and (ii) an increase in price from P1 to P2 causes an increase in total revenue?

a. 0 < P1 < P2 < $10. b. $10 < P1 < P2 < $15. c. P1 > $15.

d. None of the above is correct. ANS: D PTS: 1 DIF: 3 REF: 5-1 TOP: Price elasticity of demand | Total revenue MSC: Analytical 104. Refer to Figure 5-6. A decrease in price from $15 to $10 leads to

a. a decrease in total revenue of $10, so the price elasticity of demand is greater than 1 in this price range. b. a decrease in total revenue of $10, so the price elasticity of demand is less than 1 in this price range. c. a decrease in total revenue of $20, so the price elasticity of demand is less than 1 in this price range. d. a decrease in total revenue of $20, so demand is elastic in this price range. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Inelastic demand | Total revenue MSC: Applicative

Chapter 5/Elasticity and Its Applications ? 187

Figure 5-7 105. Refer to Figure 5-7. Total revenue when the price is P1 is represented by the area(s)

a. B + D. b. A + B. c. C + D. d. D. ANS: A PTS: 1 DIF: 2 REF: 5-1 TOP: Demand curve | Total revenue MSC: Applicative 106. Refer to Figure 5-7. Total revenue when the price is P2 is represented by the area(s)

a. B + D. b. A + B. c. C + D. d. D. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Demand curve | Total revenue MSC: Applicative

107. Refer to Figure 5-7. If rectangle D is larger than rectangle A, then

a. demand is elastic between prices P1 and P2.

b. a decrease in price from P2 to P1 will cause an increase in total revenue.

c. the magnitude of the percent change in price between P1 and P2 is smaller than the magnitude of the

corresponding percent change in quantity demanded. d. All of the above are correct. ANS: D PTS: 1 DIF: 3 REF: 5-1 TOP: Price elasticity of demand | Total revenue MSC: Analytical

188 ? Chapter 5/Elasticity and Its Applications

Figure 5-8. A demand curve is shown on the graph below. On the graph, Q represents quantity demanded and P represents price.

108. Refer to Figure 5-8. The maximum value of total revenue corresponds to a price of

a. $18. b. $30. c. $42. d. $48. ANS: B PTS: 1 DIF: 2 REF: 5-1 TOP: Total revenue MSC: Applicative 109. Refer to Figure 5-8. Demand is unit elastic between prices of

a. $18 and $24. b. $24 and $30. c. $24 and $36. d. $30 and $36. ANS: C PTS: 1 DIF: 2 REF: 5-1 TOP: Price elasticity of demand MSC: Applicative

110. Refer to Figure 5-8. Using the midpoint method, between prices of $12 and $18, price elasticity of demand is

a. 0.33. b. 0.67. c. 1.33. d. 1.89. ANS: A PTS: 1 DIF: 2 REF: 5-1 TOP: Price elasticity of demand MSC: Applicative

111. Refer to Figure 5-8. Using the midpoint method, between prices of $48 and $54, price elasticity of demand is about

a. 0.92. b. 3.89. c. 4.33. d. 5.67. ANS: D PTS: 1 DIF: 2 REF: 5-1 TOP: Price elasticity of demand MSC: Applicative

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