degrees of elasticity

Question 1

it measures the responsiveness of the quantity demanded or supplied of a good to a change in its price

Answer 1

price elasticity

Question 2

it is important to the seller since it gauges how far demand can change relative to the price

Answer 2

price elasticity

Question 3

it measures how far the consumers are willing to buy a good especially when its price rises reflective of the economic, social, and psychological forces shaping consumer preference

Answer 3

price elasticity

Question 4

degree of elasticity where change in determinant will lead to a proportionally greater change in demand or supply

Answer 4

elastic

Question 5

its absolute value of coefficient is greater than 1

Answer 5

elastic

Question 6

degree of elasticity where change in determinant will lead to a proportionally lesser change in demand or supply

Answer 6

inelastic

Question 7

its absolute value of coefficient is less than 1

Answer 7

inelastic

Question 8

degree of elasticity where a change in determinant will lead to a proportionately equal change in demand or supply

Answer 8

unitary elastic

Question 9

its absolute value of coefficient is equal to 1

Answer 9

unitary elastic

Question 10

degree of elasticity where a small percentage change in price brings about a change in quantity demanded from zero to infinity

Answer 10

perfectly elastic

Question 11

degree of elasticity where any change in price will not have any effect on the demand of the product

Answer 11

perfectly inelastic