 # ECO 365T Wk 3 - Apply Summative Assessment Quiz

PLDZ-15771 Free In Stock
\$ 0.00 USD
Description

https://hwsell.com/category/eco-365/

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

https://www.hwsell.com/

ECO 365T Wk 3 - Apply Summative Assessment Quiz

Suppose that as the price of Y falls from \$12 to \$10, the quantity of Y demanded increases from 500 to 600. Then the absolute value of the price elasticity (using the midpoint formula) is approximately

Multiple Choice

•
•
•
•

Answer the question based on the following data.

Price Per UnitQuantity Demanded Per Unit of Time

\$ 2012

18    17

16    20

14    24

12    30

10    36

8     40

6     44

4     48

What is the price elasticity of demand over the range of \$4 to \$6?

Multiple Choice

•
•
•
•

Alex, Kara, and Susie are the only three people in a community. Alex is willing to pay \$20 for the fifth unit of a public good; Kara, \$15; and Susie, \$25. Government should produce the fifth unit of the public good if the marginal cost is less than or equal to

Multiple Choice

•      \$60.
•      \$20.
•      \$15.
•      \$45.
•      \$25.

Answer the question based on the following information for a public good. Pa and Pb are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society.

Q     Pa    Pb

1     \$ 3   \$ 5

2     2     4

3     1     3

4     0     2

5     0     1

The collective willingness of this society to pay for the second unit of this public good is

Multiple Choice

•      \$6.
•      \$2.
•      \$1.
•      \$8.
•      \$4.

If a firm finds that it can sell \$32,000 worth of a product when its price is \$8 per unit and \$35,000 worth of it when its price is \$10, then

Multiple Choice

•

the demand for the product is inelastic in the \$10-\$8 price range.

•

the demand for the product must have increased.

•

elasticity of demand is 1.67.

•

the demand for the product is elastic in the \$10-\$8 price range.

Suppose the price elasticity of supply for crude oil is 1.5. How much would price have to rise to increase production by 9 percent?

Multiple Choice

•

6 percent

•
•

9 percent

•

15 percent

The price of season tickets to a performing arts theater decreases by 4 percent. As a result, the quantity demanded increases by 10 percent. The price elasticity of demand for season tickets is

Multiple Choice

•
•
•
•

If the price elasticity of demand for a product is equal to 2.0, then a decrease in price of 4 percent will increase quantity demanded by

Multiple Choice

•

2 percent.

•
•

8 percent.

•

Suppose that the price of peanuts falls from \$4 to \$3 per bushel and that, as a result, the total revenue received by peanut farmers changes from \$20 to \$17 billion. Thus,

Multiple Choice

•

the demand for peanuts is elastic.

•

the demand for peanuts is inelastic.

•

the demand curve for peanuts has shifted to the left.

•

no inference can be made as to the elasticity of demand for peanuts.

Refer to the diagram and assume a single good. If the price of the good decreased from \$6.30 to \$5.70 along D1, the price elasticity of demand along this portion of the demand curve would be

Multiple Choice

•
•

Tags
Recent Reviews Write a Review
0 0 0 0 reviews