CAS EC 101 Study Guide - Final Guide: Wkhq-Fm

Instructions: Choose the best answer for each question. Mark your answers on this exam and on your scantron sheet. You may not use any outside materials: calculators, smartphones, scratch paper, etc. There are 40 questions. 1. Suppose that an increase in the price of Widgets from $14 to $16 per Widget increases the quantity of Widgets supplied from 24 to 36 Widgets. Using the midpoint method, what is the elasticity of supply of Widgets? (a) 0.25 (b) 3 (c) 3.5 (d) 2.67

I. [48 Marks] Multiple Choice Questions: Indicate answer on Scantron. 1. [3 Marks) Table 1 gives the Total Benefit you receive as a function of Quantity consumed. At which per-unit price do you purchase and consume exactly three units? Quantity 1 2 Total Benefit $10 $18 $24 $28 5 $30 Table 1: Total benefit as a function of quantity consumed. A. $20.50 per unit B. $7.50 per unit C. $5.50 per unit D. $3.50 per unit E. $1.50 per unit

Discussion postings will require you to read about and discuss current macroeconomic issues or events. You should draw material from reputable sources and media outlets. Your posting should be a minimum of 250 words. You should draw material from reputable sources and media outlets. You will be asked to post a comment on an article published in the media during the week of the discussion is open (the discussion is open from 09/25/2016-09/27/2016). The articles need to be related to production, economic growth, and trade, OR supply and demand, OR measuring inflation and unemployment, OR economic growth.