Berkley Golf and Tennis Club offers golf and tennis memberships. Marketing analysis of the local neighborhood served by the Club shows that there are…
September 3, 2020
You should cover all the insurance topics discussed in this course to include Homeowners, Automobile, Liability Umbrella, Health Insurance, Life
September 3, 2020

is it correct?

Which of the following is NOTlikely to be an example of a product with an inelastic demand?

cars

eggs

cigarettes

water

I chose Water. is it correct?

When the price of a pair of shoes is $80, 10 pairs are demanded. When the price of the pair of shoes is $60, 20 pairs are demanded. Using the initial value, the price elasticity of demand is ________ starting at a price of $80 and ________ starting at a price of $60.

3; 2

4; 3/2

2; 3

3/2; 4

I chose 3;2 is it correct?

Assume Sarah is a CPA who earns $85,000 a year and her favorite entertainment magazine costs her $15 a year. For her, the price elasticity of demand for the magazine is likely to be

inelastic.

perfectly elastic.

None of these

elastic.

I chose None of these. is it correct?

KM
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