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 disproportion
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 underst
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:
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
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) 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)
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
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 bet
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 co
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
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