ECON 2000 Study Guide - Midterm Guide: Price Discrimination, Renting, Garage Sale
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Sessions: mw 1:30-3:00; 210 tureaudoffice hours: wth 12-1; 39 allen. These are just some possible review questions, not an actual exam: refer to the figure below. The demand for tickets is: perfectly price elastic, perfectly price inelastic, unit price elastic, perfectly income inelastic, a perfectly price elastic demand curve will be a ________ line. D) negatively sloped: when the price of radios decreases 5%, quantity demanded increases 5%. The price elasticity of demand for radios is. ________ and total revenue from radio sales will ________. D) unit elastic; not change: refer to the figure below. As the price of good w increased, the demand for good y shifted from d1 to d2. The cross price elasticity of demand between w and y is. [type text: the cross-price elasticity of demand between good x and good y is 0. 5. A) the demand for goods x and y is inelastic.
