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ECON 2010 FINAL

# A true b false 24 assume for example the following

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Unformatted text preview: of society from that additional unit. A) True B) False 24. Assume, for example, the following demand function for Steven's ski days at Steamboat ski area: Dssb = 20 + .03Snowsb-.06Psb + .01Pvail, Where Dssb is the individual's demand, this year, for Steamboat ski days. Snowsb is Steamboat's total snow fall, last year, in inches. Psb is the cost of a steamboat ski day, measured in dollars. Pvail is the cost of a vail ski day, measured in dollars. If the cost of a vail ski day rises from \$50 to \$100, then Steven's demand function for Steamboat ski days (dollar on the vertical axis) will A) not shift; instead, Steven will move along his demand curve downward and to the right. B) not shift; instead, Steven will move along his demand curve upward and to the left. C) shift to the left. change in substitute results in a shift in the demand curve, it D) shift to the right. will be to the right because it will increase! Version 1 Page 5 Use the following to answer question 25: Marginal Cost 50 20 30 60 75 in between 4 and 5 is where the marginal cost is greater than the market price, thus the firm i...
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