# ECO 365T Wk 3 - Apply Summative Assessment Quiz (2021 New)

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ECO 365T Wk 3 - Apply Summative Assessment Quiz (2021 New)

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

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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

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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.
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