Homework 3
Problem 1: If the price elasticity of demand = 4 explain what will be the effect of demand if price
increase by 2%
e=
%Q
% P
4=
%Q
2
4 (2 )=%Q=8
Quantity demanded decrease by 8%
Problem 2: Assume the following demand schedule.
P
100
80
60
40
20
Lehman College
Economics 167 Principles of Microeconomics
Tuesday and Thursday 2:00-3:15
Email: [email protected]
Instructor: Dr. Carlos G. Elas
Spring 2017
Office Carman 321
This course will present an Introduction to Economics and Microeconomic
Aneudi Garcia Homework 1
Had issues with part 1B but eventually got the answer
Problem 1: An economist found the following demand relationship. Where Q is quantity and P is price.
P = 100 - .5Q
(a) Obtain the values of P when Q =(0,50, 100,150,200)
(b) Ob
Aneudi Garcia Homework 2
Question 1, had it incorrect but everything realized it was an proportion equation
Problem 1: Demand and Supply
Assume the following:
Demand: P = 200 2Q
Supply: P = 50 +3Q
(a) Obtain the Price and the quantity of equilibrium
Deman
Math for Economists
1. The Cartesian Axis
Y (dependent variable) is on the vertical axis and X (independent variable) is on the
Horizontal axis. (Keep this in mind as in economics sometimes we inverse the axis of the
variables.)
Any pair would be expresse
Topics for Exam 3
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Price ceiling and price floors
What is binding and a not binding Price ceiling and price floor and the effects in the market.
Sales tax, difference between Pb and Ps
Burden of sales tax according to price e
Department of Economics
Exam 1
1. The phenomenon of scarcity stems from the fact that
a. most economies production methods are not very good.
b. in most economies, wealthy people consume disproportionate quantities of goods and
services.
c. governments re
Department of Economics
Exam 2
ECO 102 -Version 1
Principles of Microeconomics
Instructor: Dr. Carlos G. Elas
Spring 2017
1. Just as the theory of the competitive firm provides a more complete understanding of supply, the
theory of consumer choice provide
Eco 167
Study guide
Economics -the study of the allocation of scarce resources among competing wants and needs
the science of how people and societies make choices in the face of scarce resources and competing needs
Scarcity and choice- - Scarcity means t
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College
Department of Economics
Exam 3
ECO 102- Version 1
Instructor: Dr. Carlos G. Elas
Principles of Microeconomics
Spring2017
1. A price ceiling is
a. often imposed on markets in which cutthroat competition would prevail without a price ceiling.
b. a l