ECON 312 Week 1 Quiz (Set 2)
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ECON 312 Week 1 Quiz (Set 2)
Order 100% plagiarism free essay on ECON 312 Week 1 Quiz (Set 2)
ECON 312 Week 1 Quiz (Set 2
1.ECON 312 Week 1 Quiz (Set 2: (TCO 2) A demand curve
2. (TCO 2) In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by
3. (TCO 2) Which of the following is most likely to be an inferior good?
4. (TCO 2) The demand curve for a product might shift as the result of a change in
5. (TCO 2) The supply curve shows the relationship between
ECON 312 Week 1 Quiz (Set 2)
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6. (TCO 2) If the demand for product X is inelastic, a 4% increase in the price of X will
7. (TCO 2) If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then
8. (TCO 2) If quantity demanded is completely unresponsive to price
9. (TCO 2) The state legislature has cut Gigantic State University’s appropriations. GSU’s Board of Regents decides to increase tuition fees to compensate for the loss of revenue. The board is assuming that the
10. (TCO 2) The more time consumers have to adjust to a change in price
11. (TCO 2) What is the Law of Demand? Why does the demand curve slope downwards?
12. (TCO 2) Suppose the price of widgets rises from $7 to $9 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demandof widgets. What can you say about your price elasticity of demandof widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work.
ECON 312 Week 1 Quiz (Set 2)
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