6/23/2014
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13.
out of 30 points (100%)
aw ard:
2.50 out of
2.50 points
Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, its advertising elasticity
is 3, and the cross-price elasticity
4/5/2014
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3.
out of 30 points (100%)
aw ard:
4 out of
4.00 points
Problem 3-3
Refer to the table below. Fill in the surplus-shortage column.
Instructions: In the table below, fill in the fourth column, Surplus (+) or Shortag
6/23/2014
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10.
out of 30 points (100%)
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2.50 points
Answer the following questions based on the accompanying diagram:
Price ($)
20
18
16
14
12
10
8
6
4
2
D
0
0
1
2
3
4
5
6
7
Quantity
Instructions: All doll
4/5/2014
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2.
out of 30 points (100%)
aw ard:
4 out of
4.00 points
Problem 3-2
The figure below shows the supply curve for tennis balls, S1 , for Drop Volley Tennis, a producer of tennis
equipment.
a. Use the figure to fill i
6/23/2014
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3.
out of 30 points (100%)
aw ard:
2.50 out of
2.50 points
You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication
services. Based on your research, AT&T has spent
4/5/2014
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8.
out of 30 points (100%)
aw ard:
2 out of
2.00 points
Problem 4-1
Look at the demand curves in the diagrams below. Use the midpoint formula and points a and b to calculate the elasticity of demand for that range
6/23/2014
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11.
out of 30 points (100%)
aw ard:
2.50 out of
2.50 points
The demand curve for a product is given by QXd = 1,200 - 3PX - 0.1PZ where Pz = $300.
a. What is the own price elasticity of demand when Px = $140? Is de
4/5/2014
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5.
out of 30 points (100%)
aw ard:
3 out of
3.00 points
Problem 3-7 (Algo)
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in
the table below.
Monthly
Rent
$2,7
6/23/2014
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16.
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For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 3 percent. If,
as a result of this price increase,
6/23/2014
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8.
out of 30 points (100%)
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2.50 points
Rapel Valley in Chile is renowned for its ability to produce high-quality wine at a fraction of the cost of many
other vineyards around the world. Rapel V
4/5/2014
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6.
out of 30 points (100%)
aw ard:
2 out of
2.00 points
Question 3-1 (Auto-Gradable)
Which statement is consistent with the law of demand?
A reduction in market price will lead to an increase in quantity demanded.
4/5/2014
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10.
out of 30 points (100%)
aw ard:
4 out of
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Problem 4-5 (Algo)
What is the formula for measuring the price elasticity of supply?
Es = percentage change in quantity supplied / percentage change in price
6/23/2014
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1/2
6/23/2014
5.
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Some have argued that higher cigarette prices do not d
6/23/2014
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12.
out of 30 points (100%)
aw ard:
2.50 out of
2.50 points
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 1, its advertising elasticity
is 2, and the cross-price elasticity
6/23/2014
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14.
out of 30 points (100%)
aw ard:
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2.50 points
Suppose the cross-price elasticity of demand between goods X and Y is -6. How much would the price of
good Y have to change in order to change the consum
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aw ard:
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Problem 3-6 (Algo)
The demand and supply for a particular commodity are given by the following two equations:
Demand: P = 20 2Qd
and
Supply: P = -5 + 3Qs
wher
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9.
out of 30 points (100%)
aw ard:
2 out of
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Problem 4-3 (Algo)
Suppose that the total revenue received by a company selling basketballs is $960 when the price is set at
$60 per basketball and $960 when
6/23/2014
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Revenue at a major cellular telephone manufacturer was $1.6 billion for the nine months ending March 2, up
88 percent over revenues for the same period l