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ECON101 Midterm: 2011 Economics Midterm 2.pdf

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lilacfish221
17 Oct 2014
School
University of Waterloo
Department
Economics
Course
ECON101
Professor
Larry Smith

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ECON101 Full Course Notes
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ECON101 Full Course Notes
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Document Summary

Choose the one alternative that best completes the statement or answers the question: suppose that the quantity demanded of skipping ropes rises from 1250 to 1750 units when the price falls from . 25 to sh. 75 per unit. Th e price elasticity of supply for this product is. As a result, she decides to double the number of movies she attends each week. A likely explanation for these observations is that gasoline and cars had a. Therefore, jack"s demand for good a is: unit elastic, perfectly inelastic, elastic, perfectly elastic, inelastic. Figure 4. 2: figure 4. 2 illustrates a linear demand curve. If the price falls from to: ______ The price elasticity: ______ of demand between quantity demanded of 23 and 27 is, 0. 16, zero, 1. 0, 0. 6, 0. 20, suppose there is an increase in the cost of resources used in the, ______ production of good a.

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Related Questions

16. Which one of the following illustrates an inelastic demand? A) A 10 percent rise in price leads to a 5 percent decrease in quantity demanded. B) A 10 percent rise in price leads to a 20 percent decrease in quantity demanded. C) A price elasticity of demand equal to infinity D) A price elasticity of demand equal to 1.0. E) A price elasticity of demand equal to 2.0

5) Which one of the following illustrates an inelastic demand? A) A 10 percent rise in price leads to a 5 percent decrease in quantity demanded. B) A 10 percent rise in price leads to a 20 percent decrease in quantity demanded. C) A price elasticity of demand equal to infinity, D) A price elasticity of demand equal to 1.0. E) A price elasticity of demand equal to 2.0.

37) Which one of the following illustrates an elastic demand? A) A 10 percent rise in price leads to a 20 percent decrease in quantity demanded. B) A price elasticity of demand equal to zero. C) A price elasticity of demand equal to 1.0. D) A price elasticity of demand equal to 0.2. E) A 10 percent rise in price leads to a 5 percent decrease in quantity demanded.