WUCB111 Summer 2013 Tutorial Questions[1]

Chapter 5 keyconcepts ch5elasticity price elasticity

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Unformatted text preview: 200P and the supply schedule has the equation QS = 5000 + 500P. Chapter 5 Key Concepts CH 5: Elasticity, price elasticity of demand, total revenue, income elasticity of demand, cross price elasticity of demand, price elasticity of supply Questions for Review Problems and Applications Additional Question CH 5: 1, 3, 5, 7 CH 5: 2, 6, 7, 13 1. Write down the percentage change formula and midpoint formula for price elasticity of demand. Which measure is more accurate? Explain your answer. REVIEW IN CLASS TEST 1 & REPORT WRITING Chapter 6 Week 5 Key Concepts CH 6: Price ceiling, price floor, tax incidence Questions for Review Problems and Applications CH 6: 2, 5, 6 CH 6: 2, 5, 8, 11 WUCB111 – Introduction to Microeconomics Tutorial Questions Summer 2013‐14 Week 6 Chapters 7 and 8 Key Concepts CH 7: Welfare economics, willingness to pay, consumer surplus, producer surplus, market failure CH 8: deadweight loss Questions for Review Problems and Applications Additional Question Week 7 CH 7: 1, 2, 3, 6 CH8: 1, 3 CH7: 1, 2, 7 CH8: 1, 3, 5 1. Would consumers prefer the government to tax elastic or inelastic goods? Why? REVIEW OF MID SESSION TEST Week 8 Chapters 13 Key Concepts CH 13: ALL Concepts listed and KNOW all formulas Questions for Review Problems and Applications Week 9 CH 13: 1, 4, 6 Key Concepts Competitive (perfect/pure) market, average revenue, marginal revenue Que...
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