ECON100/ ECON 100: W02 Study & Quiz: Lesson 2.4 - Price Elasticity | Answered Latest Fall 2025/26.

W02 Study & Quiz: Lesson 2.4 - Price Elasticity 1. Read the chapter, Lesson 2.4 - Price Elasticity ( ( 2. Complete this quiz based on the chapter. This is an individual exercise. You can use your textbook. You may not use other resources such as friends, Google, or a generative AI.  Question 1 1.25 / 1.25 pts In which scenario would a business manager prefer to have inelastic demand for their product? When they want to maintain total revenue regardless of price changes. When they want to increase total revenue with a price increase. When they want to have flexibility in pricing strategies. When they want to decrease total revenue with a price decrease.  Question 2 1.25 / 1.25 pts Why is price elasticity important for a business manager? To determine the cost of production. To calculate total revenue. To understand how consumers will respond to price changes. To identify substitutes for goods.  Question 3 1.25 / 1.25 pts If the percentage change in quantity demanded is less than the percentage change in price economists define the consumer as . inelastic nonresponsive elastic unit elastic  Question 4 1.25 / 1.25 pts When the percentage change in quantity demand is less than the percentage change in price, what type of demand is it? Inelastic demand Unit elastic demand Elastic demand Perfectly inelastic demand  IncorrectQuestion 5 0 / 1.25 pts If the price of a product increases by 15% and the quantity demanded decreases by 5%, what happens to total revenue? Demand is elastic; decreases Demand is inelastic; total revenue decreases Demand is inelastic; total revenue increases Demand is elastic; increases  Question 6 1.25 / 1.25 pts If demand for a product is price inelastic, what happens to total revenue when the price increases? Total revenue doubles Total revenue decreases Total revenue remains the same Total revenue increases  Question 7 1.25 / 1.25 pts If the price of a product increases by 10% and the quantity demanded decreases by 15%, what happens to total revenue? Demand is elastic; total revenue decreases Demand is inelastic; total revenue increases Demand is elastic; total revenue increases Demand is inelastic; total revenue decreases  Question 8 1.25 / 1.25 pts What is the total revenue if the price of a product is $5 and 50 units are sold? Total revenue = $100 Total revenue = $55 Total revenue = $250 Total revenue = $2500 Quiz Score: 8.75 out of 10