CPA ch. 5- 1, 2, 4, 6, 7
1. Price elasticity- a measure of the relationship between a change in the quantity
demanded of a particular good and a change in its price.
Income elasticity- refers to the sensitivity of the qua
CPA Chapter 4- 2,3,5,7,8
2. The demand schedule is a table showing the relationship between the price of a good and
the quantity demanded. The demand curve is a graph showing the relationship between the
price of a good an
CPA Chapter 3
2. Absolute: producing a good with fewer inputs than someone else.
Comparative: producing a good at a lower opportunity cost than someone else.
Less goods vs. less things being given up
3. Country A makes 10
CPA Chapter 2
4. How my family interacts in the factor market: we work, our work pays us
How my family interacts in the product market: we work for businesses, which supply
goods & services to individuals.
6. In the PPF, f
Chapter 6 #s 1, 2, 4, 6, 7
1. A price ceiling for toothpicks would mean that there is a price above equilibrium
that you cannot sell anything for more than that price- you wouldnt sell a box of 100
toothpicks for $70. The
Gatorade Mountain Coliege
Homework Assignment #2
Supply and Demand
Due 4:00 pm on Monday, September 7
To earn credit for this assignment you must enter your answers into the corresponding Quiz in Canvas prior to the due date
above. NOTE: answers will shuf