What are the various kinds of demand elasticity?

25)The elasticity of demand for fish is estimated to be 3. If this estimate is accurate, then a 3 percent rise?

• 25)The elasticity of demand for fish is estimated to be 3. If this estimate is accurate, then a 3 percent rise in price will a) increase quantity demand by 1% b) increase quantity demand by 9% c) decrease quantity demand by 1% d) decrease quantity demand by 3% e) decrease quantity demand by 9% 26)The _________ is the time immediately after a change in market price when sellers cannot respond by changing quantity supplied. 27)The most important determinant of the elasticity of demand is ______. 28) If the price of medical services goes up 10 percent and quantity demanded falls by 3 percent, demand is _____. 29) A change in consumer taste will prompt a change in ____. 30) A shift in the supply curve for gasoline in the United States would result if a) people decide not to travel more b) the opec nations decided to stop sales of crude jul to the United States c) the price of gasoline increased d) the price of gasoline decreased e) the price of mass transit increased, all other things are equal. 31) In a market where the forces of demand and supply operate government intervention, the market price will a) always be the equilibrium price b) generally stay above the equilibrium price c) generally stay below the equilibrium price d) tend toward the equilibrium price 32) Chicken and pork are substitutes. Other things being equal, an increase in the price of chicken will a) put downward pressure on the price of pork b) have no effect on the demand of pork c) increase the demand for pork d) decrease the demand for pork

• Answer:

  25. it is hard to make a decision that it is absolute value or not. Based on a common sense,fish is a normal good which will have demand elasticity= -3.If so the answer is E.If not, then B. 26 the time the price change will be held. 27 the price of the good. 28 inelastic or -3/10= -0.3 29 demand,not quantity demanded.The demand will shift. 30 b 31 I don't get it.But I guess D because it is not in equilibrium,that is why it needs government intervention. 32 C.