PS04_MC - ECON1001: Principles of Microeconomics...

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ECON1001: Principles of Microeconomics (Non-major) Problem Set #4 Part I: MC Question (Reference Copy) Release Date: 28 Sep (Fri) Due Date: 5pm, 5 Oct (Fri) (submit in WebCT) Note: You are ONLY allowed to answer this part in the WebCT system. The tutor DOES NOT ACCEPT other ways in handling this MC part. Part II: Short Question Please download the Question & Answer sheet of part II from the tutorial website. www.econ.hku.hk/econ1001 Thank you for your cooperation.
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Q1. When the price of hot dog is $1.50 each, 500 hot dogs are sold every day. After lowering the price to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for hot dogs? A) 66.67 B) 5 C) 1 D) 0.2 E) 0.015 Q2. For which of the following products is demand likely to be least price elastic? A) Frozen Food B) Soft Drinks C) Groceries D) Diet Coke E) Not enough information provided to answer this question Q3. If the price is $2 in both locations, the Price Elasticity of Demand for a candy bar at
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This note was uploaded on 10/02/2011 for the course ECON 1001 taught by Professor S.c during the Spring '10 term at HKU.

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PS04_MC - ECON1001: Principles of Microeconomics...

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