HW2_SP17-2 - ECON 1014 HOMEWORK#2 Name Student Pawprint Due...

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1 ECON 1014 HOMEWORK #2 Name: _________________ Student #: ______________ Pawprint: ______________ Due: Monday, February 6 by 4:00pm at the Econ Help Desk , Room 1A-West in the basement of the Professional Building. Assignments may also be turned in before or after class. No late assignments will be accepted. We suggest you photocopy or photograph your homework with answers; otherwise, no excuses will be given for lost homework. Photographed or scanned HW assignments MUST have a valid, pre- deadline timestamp to be accepted. Please print this assignment from Canvas and staple!! Chapter 3 Use the following to answer question 1: Table: Excel Company Survey Maximum willingness to pay Consumer for Excel personal computers ($) Adam 1,459 Sheera 1,320 Orko 1,201 Juliet 1,165 1. (Table: Excel Company Survey) The table shows the results of Excel Company’s market survey. If the market price of Excel computers is $1,200 each, how much total consumer surplus (in $) are the four consumers earning? (1 pt.) 2. Coke and Pepsi are substitute soft drinks. Which of the following would cause the demand curve for Pepsi to shift to the left? (1 pt.; CHOOSE ONE) a. A new Pepsi ad campaign that increases the popularity of Pepsi b. The price of Coke decreases c. The price of Pepsi decreases d. The cost of producing Pepsi rises
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2 ____ / 33 Figure: Demand & Supply Shifts Graph A Graph B 3. (Figure: Demand & Supply Shifts) The following scenarios represent shifts in demand or supply. In the lines provided, write “ A ” (for Graph A) if the scenario represents a movement from D 0 to D 1 , write “ B ” (for Graph B) if the scenario represents a movement from S 0 to S 1 , and write “ C ” if neither graph applies.
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