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# answerstopracticequestions2fall20042 - \$1000 P \$3000 \$1000...

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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

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

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