ECON101 Study Guide - Quiz Guide: Demand Curve, European Route E20, Klepton

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ochreox820

13 Dec 2015

School

University of Waterloo

Department

Economics

Course

ECON101

Professor

Wokia Kumase

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ECON101 Full Course Notes

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Use the figure below to answer the following questions. Original equilibrium at 1: refer to figure 3. 5. 2, which represents the market for beans. If the price of peas, a substitute for beans rises, what is the new beans equilibrium, ceteris paribus: 8, 3, 9, 5, 6, refer to figure 3. 5. 2, which represents the market for beer. If the price of pizza, a complement of beer rises, what is the new beer equilibrium, ceteris paribus: 8, 3, 9, 5, 6, the demand curve is p = 700 - 20qd. The supply curve is p = 300 + 20qs. Make certain to label equilibrium price and equilibrium quantity. 2,000: what is the equilibrium price and equilibrium quantity? c. Show this on your graph. d: suppose that carolyn receives a pay increase. What is the price elasticity of demand for automobiles: a linear demand curve has the equation q = 50 " 100p.

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Lise the figure below to answer the following questions. Table 3.5.2 Demand and Supply Schedules for Cups of Coffee each day at CoolU Quantity Supplied cups of coffee per day) Quantity Demanded (cups of coffee per day) 1,200 1,100 1,000 200 Price (dollars per cup) 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 900 800 700 600 500 400 400 600 800 1,000 1,200 1,400 1,600 16) Refer to Table 3.5.2. A premature frost destroys half the coffee trees and the supply of coffee is cut in half. The new equilibrium price is $_ and the new equilibrium quantity is 2 cups a day A) 1.20,700 B) 1.30; 600 C) 0.90; 400 D) 1.30; 500 E ) 1.50; 400

Lise the information below to answer the following questions. Fact 3.5.1 The market for coffee is initially in equilibrium. Pepsi is a substitute for coffee; cream is a complement of coffee. Consider the market for coffee. Assume that all ceteris paribus assumptions continue to hold except for the event listed. 14) Refer to Fact 3.5.1. The price of cream falls. Simultaneously, there is an increase in the wages of farm workers who harvest coffee beans. The equilibrium quantity of coffee A) increases or decreases depending on the slope of the supply and demand curves. B) remains the same. C) increases, decreases, or remains the same depending on the relative shifts of the supply and demand curves. D) decreases. E) increases.

Use the figure below to answer the following questions. Price (dollars per hour 7.00 660 ... 600 ......... 5.60 5.00 0 1 2 3 4 5 6 7 8 Quantity (thousands of frisbees) Figure 6.3.1 8) Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed. The tax on each frisbee is A) $0.40. B) $0.60 C) $1.00. D) $5.60 E) $6.60.

ECON101 Study Guide - Quiz Guide: Demand Curve, European Route E20, Klepton

ECON101 Full Course Notes

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