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MMLU-Pro / 7252 / Describe each of the following situations in terms of de-mand elasticity. a) You…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Describe each of the following situations in terms of de-mand elasticity. a) You have a cold and the only medicine that can help you used to cost 1.50perbottlebutnowcosts1.50 per bottle but now costs 20.00 a bottle. You buy it anyway. b) At 80perticketyouwouldbuy2tickets,butscalperswant80 per ticket you would buy 2 tickets, but scalpers want 100 a seat for the Stanley cup finals, so you stay at home and watch the games on television. c) Chocolate bars double in price overnight from 10$ to 20C, yet you buy the same number as before.
Plain-text mathematical notation (without MathML)
Describe each of the following situations in terms of de-mand elasticity. a) You have a cold and the only medicine that can help you used to cost 1.50perbottlebutnowcosts20.00 a bottle. You buy it anyway. b) At 80perticketyouwouldbuy2tickets,butscalperswant100 a seat for the Stanley cup finals, so you stay at home and watch the games on television. c) Chocolate bars double in price overnight from 10$ to 20C, yet you buy the same number as before.
Original LaTeX notation
Describe each of the following situations in terms of de-mand elasticity. a) You have a cold and the only medicine that can help you used to cost $1.50 per bottle but now costs $20.00 a bottle. You buy it anyway. b) At $80 per ticket you would buy 2 tickets, but scalpers want $100 a seat for the Stanley cup finals, so you stay at home and watch the games on television. c) Chocolate bars double in price overnight from 10$ to 20C, yet you buy the same number as before.

category

economics

options

  1. a) Elastic demand, b) Inelastic demand, c) Elastic demand
  2. a) Elastic demand, b) Elastic demand, c) Inelastic demand
  3. a) Inelastic demand, b) Elastic demand, c) Inelastic demand
  4. a) Inelastic demand, b) Inelastic demand, c) Elastic demand

src

stemez-Economics

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Source and history

upstream_id / Original problem ID
7252
task_id
cdbf2f5b-764e-5127-a914-a140677b7848
task_key
default--test--7252
task_revision_id
1
config / split
default / test

Official source

initial import