Final Exam review
Demand vs. Qty demanded - The only thing that can cause a change in
Quantity demanded is the price of the good. The factors of demand will
cause a change in demand.
Compute Elasticity You can use 3 steps to compute elasticity.
ECO 204 Assignment #1:
Chapter 4: Pg 114:
1. What do economists assume when they are constructing a model of demand? Why are these
1) Consumers know about and can choose freely among alternatives
2) Consumers seek the maximum satisf
201430 XList Principles of Econ II
Econ 204 Midterm Exam
85 out of 100 points
10 out of 20 points
Please compute the elasticity of demand for the $5.00-$4.00 price ran
During this semester what has been the greatest concept you have learned in this class.
Please explain your answer.
The greatest concept I learned in this class is profit maximization. Profit maximization
describes how much a busine