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PS05_MC

# PS05_MC - Pls HAND IN MC via WebCT ECON1001 Problem Set 5...

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Pls HAND IN MC via WebCT! ECON1001 Problem Set 5 ECON1001: Principles of Microeconomics (Non-major) Problem Set #5 Part I: MC Question (Reference Copy) Release Date: 8 Oct (Mon) Due Date: 5pm, 15 Oct (Mon) (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 Question & Answer sheet of this part from the tutorial website. www.econ.hku.hk/econ1001 Thank you for your cooperation.

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Pls HAND IN MC via WebCT! ECON1001 Problem Set 5 12 3 4 56 7 8 Q (Units/day) P/(\$ unit) 5 10 15 20 25 30 35 40 Q1. When P=\$15, what is the consumer surplus each day? A) \$40 B) \$75 C) \$105 D) \$180 E) \$0 Q2. When price is \$0.75, how many cans of soda will be demanded according to the market demand curve? A) 20 B) 50 C) 70 D) 100
Pls HAND IN MC via WebCT! ECON1001 Problem Set 5 E) 130 Q3. After prices of beans have been reduced, consumption of beans falls. Why? A) The Sub Effect caused people to substitute noodles and rice for beans.

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PS05_MC - Pls HAND IN MC via WebCT ECON1001 Problem Set 5...

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