Elasticity: แบบฝึกหัด

Which of the following factors is most likely to make the Price Elasticity of Supply (PES) for a manufactured good more elastic?

The government decides to increase the indirect tax on a product. The product has a Price Elasticity of Demand (PED) of \( 0.3 \) and a Price Elasticity of Supply (PES) of \( 1.4 \). What is the most likely impact of this tax?

A company faces a demand curve that is price inelastic. If the company decides to decrease the price of its product, what will be the most likely effect on its total revenue?

A manufacturing firm has high levels of spare capacity and maintains significant stocks of finished products. Which of the following numerical values for the Price Elasticity of Supply (PES) is most likely for this firm's product?

If a \( 5\% \) increase in consumer income leads to a \( 10\% \) increase in the quantity demanded for a specific brand of smartphone, what is the Income Elasticity of Demand (YED) and how is the good classified?

If a product has an income elasticity of demand (YED) of \( -0.8 \), identify the category of good it belongs to and state the reason for your choice.

A business increases the price of its product by \( 10\% \), which leads to a \( 25\% \) decrease in the quantity demanded. Calculate the Price Elasticity of Demand (PED) and state whether the firm's total revenue will increase or decrease as a result of this price change.

Explain why the Price Elasticity of Supply (PES) for primary products, such as copper or wheat, tends to be more inelastic in the short run compared to manufactured goods.

The responsiveness of supply to price changes is measured by the Price Elasticity of Supply (PES).
(a) Calculate the PES for a crop if the price rises by \( 20\% \) and the quantity supplied increases by \( 5\% \).
(b) Explain one reason why the supply of agricultural products tends to be price inelastic in the short run.