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1 Question 1.
A university decides to raise tuition fees to increase the total revenue it receives from students. This strategy will work if the demand for education at that university is
1. AUnit Elastic
2. BElastic
3. CInelastic
2The bus fare charged by the local bus company is £2.00 during the morning rush hour, but only £1.50 during the early afternoon. This can be explained by the fact that the demand for bus rides during the morning rush hour is _____; but during the early afternoon the demand for bus rides is _____
1. Aless elastic; more elastic
2. Bmore elastic; less elastic
3. Cunit elastic; inelastic
3If the income elasticity of a demand for a good is negative, then the good is
1. ANormal Good
2. BInferior Good
3. CElastic Good
4At a price of £11.00, quantity demanded is 90; and at a price of £9.00, quantity demanded is 110. The price elasticity of demand is
1. A-1
2. B-1.22
3. C-0.82