sample exam 2 answer

sample exam 2 answer - change in price, quantity demanded...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
ARE 201 Spring 2009 Sample Exam #2 Answer Sheet MULTIPLE CHOICE (3 points each) 1. d 2. c 3. c 4. c 5. b 6. d 7. d 8. d 9. c 10. d 11. b 12. b 13. d 14. d 15. b TRUE/FALSE (2 points each) 1. T 2. F 3. T 4. F 5. F 6. F 7. F SHORT ANSWER APPLICATION/SCENARIO (8 points for 1 st and 13 points for 2 nd ) 1.
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
Background image of page 3

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

View Full DocumentRight Arrow Icon
2. ANSWER: In the section of the demand curve from A to B, the elasticity of demand would be 2.5. This would be an elastic portion of the curve. This would mean that for every 1 percent
Background image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: change in price, quantity demanded would change by 2.5 percent. In the section of the demand curve from B to C, the elasticity of demand would be .75. This would be an inelastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change by 0.75 percent....
View Full Document

Page1 / 4

sample exam 2 answer - change in price, quantity demanded...

This preview shows document pages 1 - 4. Sign up to view the full document.

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