Homework3 - 9/14/10 8:19 PM Homework 3 Completed 150 out of...

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9/14/10 8:19 PM Homework 3 Completed 150 out of 150 points
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Question 1 10 out of 10 points If the price of a good with elastic demand increases, the revenue will Answer Selected Answer: Correct Answer: Question 2 10 out of 10 points If the government raises the minimum wage by 6%, the number of people employed falls by 2%. What is the elasticity of employment with respect to the minimum wage? Answer Selected Answer: Correct Answer: Question 3 10 out of 10 points As a result of the supply curve shift the quantity demanded of chocolate has fallen, but the revenue of producers has increased. Which of the following may explain the phenomenon? Answer Selected Answer: Correct Answer:
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Question 4 10 out of 10 points A straight-line (constant-slope) demand curve has an elasticity that: Answer Selected Answer: Correct Answer: Question 5 10 out of 10 points As income rises during economic upturns, consumption of potatoes declines, yet as income falls during economic downturns, consumption of potatoes rises. The most likely
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This note was uploaded on 06/15/2011 for the course ECO 304K taught by Professor Hickenbottom during the Fall '10 term at University of Texas.

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Homework3 - 9/14/10 8:19 PM Homework 3 Completed 150 out of...

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