1.  The price elasticity of demand for a good is an attempt to measure what?

2.  If a 20% increase in the price of used cars results in a 10% decline in the number of used cars sold, then the price elasticity of demand coefficient is elastic, inelastic, or unitary elastic?

3.  A consulting firm suggests that  firm could increase the number of units sold by 12% if it lowered price by 10%.  The consultant believes that demand within the existing range of the prices is elastic, inelastic or unitary elastic?

4.  Total consumer expenditures or total revenue will increase when the price falls if demand is what (with respect to elasticity)?

5.  Deb's income increased by 10% and she spent an additional 18% of her income on plants. This meant that Deb's income elasticity of demand for plants is elastic, unitary elastic, or inelastic?

6.  A good for which the income elasticity of demand is negative is known as:

7.  With respect to elasticity, two goods are said to be complements if:

8.  Explain a business situation where knowing the cross-price elasticity of your good would be important to your decison-making process: