Project 1 - 1 Project 1(Due Thursday October 27 th at 3:00PM The Answer key will be posted by 4:00PM on October 27 th 100 points total Fill out and

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Unformatted text preview: 1 Project 1 (Due Thursday October 27 th at 3:00PM) The Answer key will be posted by 4:00PM on October 27 th 100 points total Fill out and turn in only the scantron. Assume government does not buy any surpluses it creates with price controls Some of this Project is meant to be very challenging and not just replicate what we have done in class but extend upon it and help us work on problem solving skills. Be careful and think about what is going on in the markets and not just mechanically answer the questions (especially for questions17-51) You may work on this with other students but hand in your own scantron Note on the scantron 0=a, 1=b, 2=c, 3=d, 4=e, etc. 1. What happens to the equilibrium price and quantity of eBooks if income increases? A. The price of eBooks increases and the quantity of eBooks increases B. The price of eBooks increases and the quantity of eBooks decreases C. The price of eBooks decreases and the quantity of eBooks increases D. The price of eBooks decreases and the quantity of eBooks decreases E. The price of eBooks increases and the quantity of eBooks does not change 2. What happens to the equilibrium price and quantity of paperback books if income increases? A. The price of paperback books increases and the quantity of paperback books increases B. The price of paperback books increases and the quantity of paperback books decreases C. The price of paperback books decreases and the quantity of paperback books increases D. The price of paperback books decreases and the quantity of paperback books decreases E. The price of paperback books increases and the quantity of paperback books does not change 3. What happens to the equilibrium price and quantity of beer if the price of lemonade flavored alcoholic drinks increases? A. The price of beer increases and the quantity of beer increases B. The price of beer increases and the quantity of beer decreases C. The price of beer decreases and the quantity of beer increases D. The price of beer decreases and the quantity of beer decreases E. The price of beer increases and the quantity of beer does not change 4. What happens to the equilibrium price and quantity of beer if the price of yeast increases? A. The price of beer increases and the quantity of beer increases B. The price of beer increases and the quantity of beer decreases C. The price of beer decreases and the quantity of beer increases D. The price of beer decreases and the quantity of beer decreases E. The price of beer increases and the quantity of beer does not change 5. What happens to the equilibrium price and quantity of pretzels if the price of beer increases? A. The price of Pretzels increases and the quantity of Pretzels increases B. The price of Pretzels increases and the quantity of Pretzels decreases C. The price of Pretzels decreases and the quantity of Pretzels increases D. The price of Pretzels decreases and the quantity of Pretzels decreases E. The price of Pretzels increases and the quantity of Pretzels does not change 2...
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This note was uploaded on 12/27/2011 for the course ECON 201 taught by Professor Staff during the Fall '08 term at Wisc Whitewater.

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Project 1 - 1 Project 1(Due Thursday October 27 th at 3:00PM The Answer key will be posted by 4:00PM on October 27 th 100 points total Fill out and

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