Homework 5 Answer Key - ECON 1014-01 HOMEWORK#5 DR...

This preview shows page 1 - 4 out of 10 pages.

ECON 1014-01 HOMEWORK #5 DR. PODGURSKY Due: 12/11/2014. Homework can be turned in after class or by 4:00 p.m. at the Econ Help Desk in 1A West in the Professional Building. No assignments will be accepted after 4:00 p.m. on 12/11/2014. Please print this assignment from Blackboard and staple!!! (Show your work if specified) Name: ___________________________________ Pawprint ID: ______________________ Chapter 19 Use the following to answer questions 1-3. Figure: Defense Spending Policy Spectrum 1. Refer to the figure. If there are only two candidates, A and B, and defense spending is the only issue being debated in this election, who is the median voter? (1 pt.) Tuppence 2. If there are only two candidates, A and B, and defense spending is the only issue being debated in this election, which candidate will win the election? (1 pt.) A 3. If A, B, and C are all candidates in the election, and defense spending is the only issue being debated, based on the median voter theorem, which candidate will win the election? (1 pt.) C
Image of page 1

Subscribe to view the full document.

Score ______ / 39 + 20 Chapter 11 4. The table shows the TR and TC schedules for a competitive firm. Using your knowledge of cost and profit structures, fill in all the missing blanks. (3 pts.) (3 points, -1 for less than 3 mistakes; Give partial credit if an early mistake leads to other misses, yet the student has properly computed later values. Be generous!) Table: Cost Schedules Q TR ($) TC ($) Profit MR MC 0 0 50 -50 –––– –––– 1 50 60 -10 50 10 2 90 75 15 40 15 3 120 97 23 30 22 4 140 122 18 20 25 5 150 152 -2 10 30 Chapter 5 5. Compute each of the following elasticities and state whether demand or supply is elastic, unit elastic, or inelastic. Use the midpoint formula: (1 pt. for calculation; 1 pt. for elasticity) a. As Q D decreases from 10 to 5, P increases from $2 to $2.25. What is E D at 5? (2 pts.) b. As Q D increases from 5 to 10, P decreases from $2.25 to $2. What is E D at 10? (2 pts.) c. As Q S decreases from 10 to 5, P decreases from $4 to $2.25. What is E S at 5? (2 pts.)
Image of page 2
Chapter 4 Willingness to pay for 1 lb of bananas Jill $2.00 Joe 1.25 Jane 0.75 James 0.25 6.
Image of page 3

Subscribe to view the full document.

Image of page 4

{[ snackBarMessage ]}

Get FREE access by uploading your study materials

Upload your study materials now and get free access to over 25 million documents.

Upload now for FREE access Or pay now for instant access
Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
— Christopher R., University of Rhode Island '15, Course Hero Intern

Ask a question for free

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern