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33. An increase in the price of Commodity Y from $50 to $60 resulted
in an increase in the quantity supplied, from 80 units to 88 units.
Which one of the following is the price elasticity of supply?
34. A company has a policy of frequently cutting prices to increase
sales. Product demand is significantly elastic. What impact would this
have on the company's situation?
35. If demand for a product is elastic, what would be the effect of a
price increase and a price decrease on total revenue (TR) generated?
36. In which of the following situations would there be inelastic
demand?
37. The elasticity of demand is measured by
38. A 4% increase in the market price of Commodity X resulted in an
8% increase in the quantity of Commodity X supplied. Which one of
the following statements is correct?
39. As an individual acquires (or consumes) more units of a
commodity over a given time period, what is the effect on the
individual's total utility and marginal utility?
40. The following graph shows four curves: A-A, B-B, C-C, and D-D.
Which one of these curves could depict a total utility curve?
41. Allen buys only beer and pizza. When the price of beer is $2.00 per
bottle and the price of pizza is $10.00, Allen maximizes his total utility
(satisfaction) by buying 5 beers and 4 pizzas. If the marginal utility of
the 5th beer is 100 utils, which one of the following would be the
marginal utility of the 4th pizza?
42. The following graph shows four curves: A-A