Econ301_review1

Econ301_review1 - Econ 301 Intermediate Microeconomics...

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Unformatted text preview: Econ 301 Intermediate Microeconomics Review Problem 1 July 1 - 2010 Jingbo Cui (ISU) Econ 301-Summer 2010 July 1 - 2010 1 / 13 Problem 1 I The figure 1 shows a graph of the market for pizzas in a large town. Jingbo Cui (ISU) Econ 301-Summer 2010 July 1 - 2010 2 / 13 Problem 1 II 1 Q: At a price of $ 14, what is the quantity demanded? 2 A: No quantity demanded; 3 Q: What are the equilibrium price and quantity? 4 A: p = 8 and Q = 60; 5 Q: At a price of $ 7, what is the amount of excess demand? 6 A: Excess demand is 30 = 70- 40; 7 Q: At a price of $ 10, the market is excess demand or supply? 8 A: Excess supply. Jingbo Cui (ISU) Econ 301-Summer 2010 July 1 - 2010 3 / 13 Problem 2 I The figure 2 shows four different markets with changes in either the supply curve or the demand curve. Jingbo Cui (ISU) Econ 301-Summer 2010 July 1 - 2010 4 / 13 Problem 2 II 1 Q: Which graph best illustrates the market for coffee after severe weather destroys a large portion of the coffee crop? 2 A: Graph C, negative supply shock; 3 Q: Which graph best illustrates the market for tea after severe weather destroys a large portion of the coffee crop? 4 A: Graph A, substitute good; 5 Q: Which graph best illustrates the market for non-dairy coffee creamer after severe weather destroys a large portion of the coffee...
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Econ301_review1 - Econ 301 Intermediate Microeconomics...

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