[INTB 2200] - Final Exam Guide - Everything you need to know! (29 pages long)
29 Nov 2016
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Chapter 3 & 4 practise questions: (8 marks) consider the market for mittens in winnipeg. P = 2 + 0. 35q (a) (3 marks) find equilibrium price and quantity and draw the supply and demand graph below, labelling the vertical intercepts and equilibrium. Equilibrium quantity: ____________ (b) (3 marks) the weather has been extremely cold in winnipeg, colder than usual. The intercept of the supply curve changes by 2. P: (13 marks total) the market for bauer extreme hockey sticks can be described with the following supply and demand curves: P = 100 + 0. 7q (a) (2 marks) show this market on the graph below. Calculate the equilibrium and show this on the graph. (b) (3 marks) the price of warrior hockey sticks (a substitute good) increases by 10% and the intercept of the affected curve in the bauer market changes by 20. ______________ (e) (2 marks)what is the cross-price elasticity of bauer hockey sticks with respect to warrior.
