The midpoint quantity between 100 and 300 units is

The midpoint quantity between 100 and 300 units is
 a. 100 units
  b. 200 units
  c. 300 units
  d. 150 units
  e. 20,000 units

QUESTION 2

The midpoint price between 20 and 40 is
 a. 10
  b. 20
  c. 30
  d. 15
  e. 200

QUESTION 3

When quantity is measured in gallons, the price elasticity of demand for milk will be __________ the price elasticity when quantity is measured in quarts.
 a. the same as
  b. four times
  c. one quarter
  d. two times
  e. less than

QUESTION 4

Elasticity is always
 a. measured in dollars
  b. measured in dollars per unit of quantity
  c. measured in units of quantity
  d. measured in units of quantity per dollar
  e. independent of the units of measurement

QUESTION 5

If the value of the price elasticity of demand is -0.2, this means that a
 a. 20 percent decrease in price causes a 1 percent increase in quantity demanded
  b. 0.2 percent decrease in price causes a 1 percent increase in quantity demanded
  c. 5 percent decrease in price causes a 1 percent increase in quantity demanded
  d. 0.2 percent decrease in price causes a 0.2 percent increase in quantity demanded
  e. 100 percent decrease in price causes a 200 percent increase in quantity demanded

QUESTION 6

If the price of Pepsi-Cola increases from 40 cents to 50 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then, according to the midpoint formula, the value of price elasticity of demand for Pepsi-Cola is
 a. -0.5
  b. -0.25
  c. -1
  d. -3
  e. -2

QUESTION 7

If an increase in the price of a product from 1 to 2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then the value of price elasticity of demand is
 a. elastic
  b. inelastic
  c. unit elastic
  d. suggestive of an inferior good
  e. equal to -20