ECON5103
Chapter 2 Practice Set Answer Key
Williams
1. Over the past few years the price of a gallon of gasoline in the U.S. has risen a great deal. This increase in gasoline prices has
affected the m
ECON5103
Chapter 2 Practice Set Due by June 12 at 11:55PM
Williams
You must upload your answers by 11:55PM June 12 to receive an Answer Key!
1. Over the past few years the price of a gallon of gasolin
ECON5103
Chapter 3 Practice Set 3
Williams
Answer key
1. The demand curve for product X is given by Q = 5000
5P - .1Pz where Pz = 50
a. Calculate the (own) price elasticity of demand when P= $100. Is
(28 points)
In a market, the demand equation is P = 100 2Q and the supply equation is P = 10 + Q. Calculate equilibrium
values for:
a) quantity
b) price
c) total (sales) revenue
d) (own) price elastic
ECON5103
Chapter 1 Practice Set Due by June 12 at 11:55PM Central Time
Williams
You must upload your answers by 11:55PM June 12 if you wish to receive an answer key!
Late submissions receive no answer
Airielle Mitchell
Elastic and Inferior
06/16/16
Reading about the three types of elasticity, I realized First Convenience Bank is noticeably elastic. The
cost of price can hardly change without an obv
ECON 5103 Summer 2014 Quiz 1 Answer Key
(12 points)
A firm can invest $10,000 today in order to receive two payments of $6,000. The first $6,000 payment occurs
exactly 5 years from today; the second $
NAME:_
SIGNATURE:_
Economics 5103
Williams
Exam 1
Fall 2014
INSTRUCTIONS:
You have until the end of the class period to complete this 100-point exam.
You must show calculations to receive any credit f
Shameka Francis
ECON5103
9/10/17
Chapter 1 Practice Set
1. A firm can spend $1,000,000 today on a project that will generate $2,000,000 of revenue exactly 10 years
from now. Should the firm do this pr
Shameka Francis
ECON5103
Chapter 2
!
1. Over the past few years the price of a gallon of gasoline in the U.S. has fallen a great deal. This decrease in gasoline prices has
affected the market for larg
ECON5103
Chapter 5 Practice Set
Williams
Answer Key
1. A firm has this linear production function: Q = 5K + 2L
Each unit of labor costs $10 to employ and each unit of capital cost $8 to employ.
The fi
ECON5103
Chapter 4 Practice Set
Williams
Answer Key
1. Libby has this budget constraint: 5000 = 20X + 50Y
a. Libby has bought 100 units of product X. Calculate how many units of product Y that she has
Cristina Johnson
Chapter 1 Practice Set
ECON5103
1. A firm can spend $1,000,000 today on a project that will generate $2,000,000 of revenue exactly 10 years
from now. Should the firm do this project?