{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Problem_set5_-_solutions - EC201 Introduction to...

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

View Full Document Right Arrow Icon
EC201 Introduction to Microeconomics (G.Lepori) Spring 2008 1 Name:_______________________ Student Number:_______________ Problem set # 5 (Due on Tuesday 02/12/2008, by 12:40pm) Please staple all the pages together. Circle the most appropriate answer to the following questions (each question is worth 1 point): 1) If the price elasticity of supply is 1.5 and a price increase led to a 1.8% increase in quantity supplied, then the price increase amounted to a. 0.67%. b. 0.83%. c. 1.20%. d. 2.70%. ANS: C 2) If the quantity supplied responds only slightly to changes in price, then 3) Which of the following statements is valid when the market supply curve is vertical?
Background image of page 1

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

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}