answerstopracticequestions2fall20042

answerstopracticequestions2fall20042 - $1000 P $3000 $1000...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 102 Fall 2004 Practice Questions 2 – Answer Key 1) b 2) a 3) a 4) b 5) a 6) b 7) b 8) b 9) b 10) a 11) a) 2/3 dozen Tacos; 2 dozen Tacos b) 1.5 dozen Burritos; ½ dozen Tacos c) Kate; John d) Kate; John 12) a) Bulgaria Italy Shoes Shoes 50 40 100 Sandals 120 Sandals b) 2 pairs of sandals; 3 pairs of sandals c) 1/2 pairs of shoes; 1/3 pairs of shoes d) Bulgaria; Italy 13) a) P=1000; Q=3000 P $1600 $250 3000 Q b) CS=$900,000; PS=$1,125,000; DW=$0 c) Shift in tastes; bad weather; more available car parking for students
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $1000 P $3000 $1000 CS PS DW $250 2000 2200 3000 Q d) CS=$2,420,000; PS= $605,000; DW=$0 e) Surplus=1000 mopeds; $1,000,000 f) CS=$2,000,000 ; PS=$1,125,000 ; $DW=$400,000 14) a) P=$400; Q=600 b) CS=$90,000; PS=$90,000 c) $300, lower d) 400; import; 400 e) CS=$160,000; PS=$40,000 f) Consumers benefit, producers are hurt $800...
View Full Document

This note was uploaded on 08/08/2008 for the course ECON 102 taught by Professor Drozd during the Spring '08 term at Wisconsin.

Page1 / 2

answerstopracticequestions2fall20042 - $1000 P $3000 $1000...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online