1 - Name Week 2 Supply Demand and Elasticity Quiz Due Day 6...

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Name: ___________________________________ Week 2 Supply, Demand and Elasticity Quiz Due Day 6 in your Individual Forum. This was originally a multiple choice exam, I’ve decided better learning may take place if I GIVE the answers and ask students to explain why the answer provided must be correct. There are no tricks, the answers given are the correct ones. Please write a one or two sentence explanation as to WHY they are correct. I will post my answers after the due date so that you can check your logic. My answers will be longer than I expect yours to be because I’m explaining in depth, however, do give me a real answer. For instance, if I give numbers for supply and demand (example the first two questions) you can tell me how much of a shortage or surplus would exist at set prices and I want that info. Same is true for price elasticity questions. The formula is in the text and also given in the week’s help/hints thread. Use math when you can. B u s h e l s d e m a n d e d P r i c e p e r B u s h e l s s u p p l i e d p e r m o n t h b u s h e l p e r m o n t h 4 5 $ 5 7 7 5 0 4 7 3 5 6 3 6 8 6 1 2 6 1 6 7 1 5 7 1. Refer to the above data. Equilibrium price will be: $2.
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