chapter 19 consumer choice and elasticity：19章消费者的选择和弹性

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1、Chapter19ConsumerChoiceandElasticity131.A15percentincreaseinthepriceofbeefreducesthequantityofbeefconsumedby30percent.Thus,thedemandforbeefis_______,andtotalconsumerexpenditure(ortotalfirmrevenue)will_______asaresultofthepriceincrease.a.elastic;increase*b.elastic;de

2、creasec.inelastic;increased.inelastic;decrease132.Whichofthefollowingistrueaboutmarginalbenefit?a.Aconsumer’smarginalbenefitisequaltotheheightofherdemandcurve.b.Consumerswillcontinuetopurchaseupuntilthepointwheremarginalbenefitequalsprice.c.Marginalbenefitdeclinesas

3、consumptionincreasesbecauseofthelawofdiminishingmarginalutility.*d.Alloftheabovearetrue.133.Janereceiveda10percentincreaseinhersalaryandpurchased20percentmorejewelry.ForJane,jewelrya.hasanincomeelasticityof2.b.isanormalgood.c.isaluxurygood.*d.isalloftheabove.134.Ani

4、nferiorgoodisdistinguishedbyaa.negativepriceelasticityofdemand.b.positivepriceelasticityofdemand.c.positiveincomeelasticityofdemand.*d.negativeincomeelasticityofdemand.135.IfJoe’sincomeincreased,andasaresult,hepurchasedmorewineandlessfastfood,*a.wineisanormalgoodand

5、fastfoodisaninferiorgoodforJoe.b.wineisaninferiorgoodandfastfoodisanormalgoodforJoe.c.bothwineandfastfoodareinferiorgoodsforJoe.d.bothwineandfastfoodarenormalgoodsforJoe.136.“Aftereatingnothingbutfast-foodhamburgersonspringbreak,Iwasanxioustoreturnhomeandeatsomethin

6、gdifferent.”Thisstatementmostclearlyreflectsthelawofa.thebudgetconstraint.b.consumerirrationality.c.greaterdemandelasticitywithtime.*d.diminishingmarginalutility.137.Ifthepriceelasticityofdemandforgrapeswas2.5,a.thedemandforgrapeswouldbeconsideredinelastic.*b.anincr

7、easeinthepriceofgrapeswoulddecreasetotalconsumerspendingongrapes.c.consumerpurchasesarelesssensitivetoachangeinthepriceofgrapesthantoachangeinthepriceofbananas,whichhaveapriceelasticityof1.6.d.theincomeelasticityforgrapesmustalsobe2.5.138.Ifa50percentincreaseinthepr

8、iceofhulahoopsledtoa10percentreductioninthequantityofhulahoopspurchased,thepriceelasticityofdemandisa.5,andthedemandforhulahoopsiselastic.