Problem set ch 5 6 - ALL BLACKBOARD SITES > ECON 101-2...

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ALL BLACKBOARD SITES > ECON 101-2 INTRODUCTORY MICROECONOMIC (FALL 2007 - BURKHAUSER) > TAKE ASSESSMENT MAKEUP PS #3
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Take Assessment Makeup PS #3 Makeup PS #3 This Test allows multiple attempts. This Test can be saved and resumed later. Question 1 Multiple Choice 5 points Demand is elastic if elasticity is less than 1. equal to 1. equal to 0. greater than 1. Question 2 Multiple Choice 5 points When demand is unit elastic, price elasticity of demand equals 1 and total revenue and p same direction. equals 1 and total revenue and p opposite directions. equals 1 and total revenue does when price changes. equals 0 and total revenue does when price changes. Question 3 Multiple Choice 5 points A key determinant of the price elasticity of supply is the length of the time period. the definition of the market. the number of close substitutes question. the extent to which buyers alter demanded in response to chang incomes. Question 4 Multiple Choice 5 points Jean-Paul says that he will spend exactly 75 cents a day on M&Ms, regardless of the price of M&Ms. Jean-Paul’s demand perfectly elastic. unit elastic. perfectly inelastic.
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Question 4 Multiple Choice 5 points None of the above answers is c Question 5 Multiple Choice 5 points For which of the following goods is demand probably most inelastic? camcorders insulin apples devices that remove cores from Question 6 Multiple Choice 5 points Economists compute the price elasticity of demand as the percentage change in price divi percentage change in quantity d
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This note was uploaded on 06/19/2008 for the course ECON 1110 taught by Professor Wissink during the Fall '06 term at Cornell University (Engineering School).

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Problem set ch 5 6 - ALL BLACKBOARD SITES > ECON 101-2...

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