Exam (elaborations)
Texas Real Estate Brokerage SAE Exam Questions and Answers
- Course
- Institution
Texas Real Estate Brokerage SAE Exam Questions and Answers
[Show more]
Content preview
Econ 102 Exam #2 PSU Questions andAnswers (Latest Update 2025)
relatively flat graph indicates
steep one indicates - Correct Answer ✅ small change in
price will cause a huge change in quantity demanded
even with a very large price increase, Qd will only fall a small
amount
elasticity - Correct Answer ✅ the sensitivity between 2
variables
price elasticity of demand - Correct Answer ✅ the
sensitivity of the change in the qd of a good in response to a
change in the price of the good
demand is elastic when... - Correct Answer ✅ the qd is
relatively responsive to a change in the products own price
demand is inelastic when... - Correct Answer ✅ the qd is
relatively unresponsive to changes in price
,Econ 102 Exam #2 PSU Questions and
Answers (Latest Update 2025)
elastic goods? - Correct Answer ✅ goods with many
substitutes, specific brand of cereal
inelastic goods - Correct Answer ✅ gas, college tuition, no
good substitutes, cigs, toilet paper, life saving drugs
determinants of price elasticity of demand: - Correct
Answer ✅ 1. the number and quality of substitutes
2. share of income spent of a good directly relates to price
elasticity of demand
3. passage of time
more substitutes implies - Correct Answer ✅ elastic
demand
what does share of income mean? how does it effect price
elasticity? - Correct Answer ✅ how much of my wallet do I
have to give up?
cars, houses --> elastic
, Econ 102 Exam #2 PSU Questions and
Answers (Latest Update 2025)
gum, candy --> inelastic (if price change, not a big deal will
still buy)
2nd Law of Demand - Correct Answer ✅ demand is more
responsive to price in the long run than in the short run.
passage of time:
long run = more ___
short run = more ____ - Correct Answer ✅ elastic
inelastic
Formula for demand elasticity - Correct Answer ✅ Ed =
%change Qd / %change P < 0
demand elasticity will always be (neg/pos) due to - Correct
Answer ✅ neg; the downward sloping nature of the demand
curve
if price increases, qd will... - Correct Answer ✅ decrease
(vice versa)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Allivia. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now