Exam 2 (Review Session)

Exam 2 (Review Session) - AEB 2014 Economic Issues, Food,...

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Unformatted text preview: AEB 2014 Economic Issues, Food, and You Review Session for Exam # 2; Thursday, October 19 th , 2006 1. Refer to Figure. Graph A shows which of the following? a. an increase in demand and an increase in quantity supplied b. an increase in demand and an increase in supply c. an increase in quantity demanded and an increase in quantity supplied d. an increase in supply and an increase in quantity demanded 2. Refer to Figure . Graph C shows which of the following? a. an increase in demand and an increase in quantity supplied b. an increase in demand and an increase in supply c. an increase in quantity demanded and an increase in quantity supplied d. an increase in supply and an increase in quantity demanded 3. Refer to Figure . Which of the four graphs illustrates an increase in quantity supplied? a. A. b. B. c. C. d. D. 4. Refer to Figure . Which of the four graphs illustrates a decrease in quantity demanded? a. A. b. B. c. C. d. D. 5. Using the midpoint method, compute the elasticity of demand between points A and B. Is demand along this portion of the curve elastic or inelastic? Interpret your answer with regard to price and quantity demanded. the curve elastic or inelastic?...
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Exam 2 (Review Session) - AEB 2014 Economic Issues, Food,...

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