ECO101H1 Midterm: term 1 test

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whiteferret221

20 Apr 2011

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ECO101H1 Full Course Notes

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Yes or no explaining eco 100 concepts (22 marks) 1. 1 yes or no (12) here is an easy way to start this test just circle either yes or no for the following statements to indicate whether you agree ( yes ) or disagree ( no ) with each of them. Thank your kindly prof for not including a penalty for a wrong answer! (assume positively-sloped supply and negatively-sloped demand as appropriate. Keep in mind the concepts discussed in lectures. ) a) If, during an economic crisis, an economy suffers unemployment, it is not producing at its maximum potential it is at a point inside its production possibility curve (ppc). If the period of unemployment is prolonged and the skills of unemployed workers decline significantly, the ppc shifts inwards. Yes no: the demand schedule for a good is given by this equation: For this demand schedule, the price elasticity of demand has a value of 1. 5 at qd =8.

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19. Table 1 below shows the demand schedule for admissions to an amusement park: (The data are based on the equation P = 24 – 20). Table 1 Price Per Visit Per Person Number of Visits (thousands) $20 $ 164 $12 $8 $4 10 Refer to Table 1. The price elasticity of demand for amusement park admissions is a) greater at higher prices than at lower prices * b) greater at lower prices than at higher prices c) elastic at all points on the demand schedule d) constant at all points on the demand schedule e) inelastic at all points on the demand schedule.

Use the following demand schedule for a monopolist to calculate total revenue and marginal revenue. For each price, indicate whether demand is elastic, unit elastic, or inelastic. Using the data from the demand schedule, graph the demand curve, the marginal revenue curve, and the total revenue curve. Identify the elastic, unit elastic, and inelastic segments along the demand curve.

Price (P)	Quantity Demanded (Q)	Total Revenue	Marginal Revenue	Price elasticity of demand
$5.00	0
4.50	1
4.00	2
3.50	3
3.00	4
2.50	5
2.00	6
1.50	7
1.00	8
0.50	9
0	10

ivoryyak837

Price (P)	Quantity Demanded (Q)	Total Revenue	Marginal Revenue	Price elasticity of demand
$5.00	0
4.50	1
4.00	2
3.50	3
3.00	4
2.50	5
2.00	6
1.50	7
1.00	8
0.50	9
0	10

scarletmammoth140

ECO101H1 Midterm: term 1 test

ECO101H1 Full Course Notes

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