MODR 1710 Study Guide - Final Guide: Normal Good, Economic Equilibrium, Inferior Good
29 Feb 2020
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This examination consists of two parts for a total of 100 marks. 4 analytic/graphical questions for a total of 40% 5 multiple choice questions not be deducted from right in grading part ii. worth 2 marks each for a total of 10%. All questions are to be answered in the spaces provided in this question paper booklet. Do not remove any pages or add any pages. The blank backs of pages may be used for rough work. You must use pen instead of pencil to be eligible for remarking. Print your name and student number clearly on the front of the exam and on any loose pages. Place your answers (and work where necessary) in the space provided. Clearly label all axes, curves, and points: elasticity (10 marks) a) what is the percentage change in price if quantity demanded decreases by 12% when price elasticity of demand is 1. 25 (1. 25 in absolute value)? (1 mark)
