ECON101 Exam Solutions Fall 2018: Perfect Competition, Piranha Brothers, Economic Surplus

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crimsonwolf546

16 Oct 2018

School

University of Alberta

Department

Economics

Course

ECON101

Professor

All

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ECON101 Full Course Notes

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Econ 101: the correct answer is c. The publisher"s analysis is correct only if the demand is perfectly inelastic. If demand is inelastic, a change in price will not change the quantity of magazines demanded: the correct answer is b. Explanation: cross price elasticity is the measure of responsiveness in quantity demanded of good a when price of good b changes: the correct answer is a. Explanation: when income increases, demand for normal goods increases while demand for inferior goods decreases: the correct answer is b. Explanation: elasticity of supply = % change in quantity supplied / % change in price. It"s important to pay attention to whether the question is asking for elasticity of demand or price elasticity of demand. = % change in quantity demanded of product. 0 < ed < 1, demand is inelastic. Demand for inferior goods increases when income decreases: the correct answer is d. Explanation: is obtained by adding to the price.

Related Questions

Public Goods
For each of the following "commodities" and using the definitions of NONRIVAL
and NONEXCLUDABLE, please say if you can label the good as a pure public
good, a partial public good, or a private good. Write a sentence justifying your answer.

1. The Grand Canyon National Park in Arizona
2. The US Patriot Anti-incoming missile defence system
3. The ECN 130 Public Economics Course at UCD
4. Earthquake forecasts from the United States Geological Survey

redspider959

calculate the misery index values using the data below, to exactly identify the year in which the index value was the highest. Explain what that value means.

Frequency: Annual
observation_date	UNRATE	CPIAUCSL_PC1
1970-01-01	5.0	5.9
1971-01-01	6.0	4.2
1972-01-01	5.6	3.3
1973-01-01	4.9	6.3
1974-01-01	5.6	11.0
1975-01-01	8.5	9.1
1976-01-01	7.7	5.8
1977-01-01	7.1	6.5
1978-01-01	6.1	7.6
1979-01-01	5.9	11.3
1980-01-01	7.2	13.5
1981-01-01	7.6	10.4
1982-01-01	9.7	6.2
1983-01-01	9.6	3.2
1984-01-01	7.5	4.4
1985-01-01	7.2	3.5
1986-01-01	7.0	1.9
1987-01-01	6.2	3.6
1988-01-01	5.5	4.1
1989-01-01	5.3	4.8
1990-01-01	5.6	5.4
1991-01-01	6.9	4.2
1992-01-01	7.5	3.0
1993-01-01	6.9	3.0
1994-01-01	6.1	2.6
1995-01-01	5.6	2.8
1996-01-01	5.4	2.9
1997-01-01	4.9	2.3
1998-01-01	4.5	1.5
1999-01-01	4.2	2.2
2000-01-01	4.0	3.4
2001-01-01	4.7	2.8
2002-01-01	5.8	1.6
2003-01-01	6.0	2.3
2004-01-01	5.5	2.7
2005-01-01	5.1	3.4
2006-01-01	4.6	3.2
2007-01-01	4.6	2.9
2008-01-01	5.8	3.8
2009-01-01	9.3	-0.3
2010-01-01	9.6	1.6
2011-01-01	8.9	3.1
2012-01-01	8.1	2.1
2013-01-01	7.4	1.5
2014-01-01	#N/A	#N/A

Short writing assignments (25%) You are to write a brief summary and review of seven of the articles listed under âReadings for ECN 475 Topics.â You may only write on one of the articles listed under any given topic. For each topic selected, prepare in 350 words or less a brief review of the major points of the article and questions or personal reactions you had to the article. These should be single-spaced in 12 pt font

Topic 11: Immigration

âThe Fiscal and Economic Impact of Immigration on the United States,â

Testimony Prepared for the Joint economic Committee, 5/8/13

http://cis.org/node/4573

Grading of Short Writing Assignments

50 pts How well did you identify and summarize important points of economics from the

article?

20 pts How well did you use your own words and own organization to write your review?

15 pts Did you provide a good thesis sentence early in your review?

15 pts Are there major issues with your spelling, grammar, sentence structure, etc.?

ECON101 Exam Solutions Fall 2018: Perfect Competition, Piranha Brothers, Economic Surplus

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