ECON 2000 : Finalpracticeecon2000
Document Summary
0: bert"s, ernie"s, grover"s (law of demand=higher the price, the less people want it, oscar"s, refer to table 1. If these are the only four buyers in the market, then the market quantity demanded at a price of is: 4 units, 7. 75 units, 14 units, 31 units. (14+10+2+5=31, refer to table 1. For whom is the good a normal good: bert only, grover only, bert, ernie, grover, and oscar, this cannot be determined from the table. The price elasticity of demand between point a and point b, using the midpoint method, is: 1, 1. 5, 2, 2. 5. The elasticity of demand between point b and point c, using the midpoint method, is: 0. 5, 0. 75, 1. 0, 1. 3, refer to figure 1. Sellers" total revenue would increase if the price: increased from to , increased from to , decreased from to , all of the above are correct. At the equilibrium price, consumer surplus is: .
