% change in quantity
% change in price
decreased from 75 to 50
increased from $20 to $25
positive # = interpretation is straightforward
large # = demand is very elastic or very responsive to changes in price
Spring 2010: 1
Eco 100- mu - ch?) 1.
According to the iaw of demand, an increase in price decreases the quantity demanded. 1. From the following list, use the drop~down menu to choose the variables that are “held fixed" in drawing a market
Examples of Production Cost
Text Exercise 4.2
For information goods such as a music video distributed online, the cost of producing the rst copy is vary
but the marginai cost of reproduction is The Average Cost of Drama DVDs. You have been
hired to produc
ECO 100 WK 5 DISCUSSION POST REPLIES
"Owning the Market"
Please respond to the following:
Identify a company in your local or generalized area that you would classify as a
monopoly. Explain the key reasons why you classified the company as a monopoly, and
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1' Excess demand occurs when the price is less: than the equilibrium price; excess supply occurs when the price
is greater than the equiiibrium price.
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15.1The Role of Fiscal Policy
Text Exercise 1.1
To Increase aggregate demand, a government can either increase spending or decrease taxes.
Text Exercise 1.2
A contractionary scal policy shifts the aggregate demand curve to the left, iowersprices, and decr
Running Head: Assignment 1: Principles of Economics
Bipin Chandra Khana
Principles of Economics
Assignment 1: Principles of Economics
The article that I have
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Economics of Monopoly Power" Please respond to the following:
From the first e-Activity, take a position on whether or not the current initiatives of the
FCC encourage competition in all communication markets and protect the public.
Provide specific examp
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Homework: Week 1 Chapter 3 Homework Overv
"Production Costs and Perfect Competition" Please respond to the following:
You are the owner of a fast-food restaurant. Given a new item that you recently
advertised, you experience additional demand for your business that you do not want to
_ _."_"_._._._' ,
1. The wages of which of the following groups will not adjust quickly?
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. O A. movie stars.
m G B. contractors.
/\ D c. self- employed tax accountants. 20 ~ g Wt"
V ' 0o. higiiEEbZTfaEers. '~ 0 - C [o
2. Which of the fol
ECO 100 WK 5 DISCUSSION POST
"Owning the Market"
Identify a company in your local or generalized area that you would classify as a monopoly.
Explain the key reasons why you classified the company as a monopoly, and state how the
company operates relative
Which of the following is a shortminusrun adjustment?
A firm hires six new workers.
In the long run:
firms have the ability to enter or exit the industry.
In the short run:
some factors of production are variable, while at least one factor of pro
Market Effects of Import Ban. Consider the market for
shoes in a nation that initially imports half of the shoes
Use the line drawing tool to simulate the effect of a ban
on shoe imports. Be sure to properly label this line.
WEEK # 3, QUIZ 4
1. The price elasticity of demand reflects the responsive of: quantity demanded to a
change of price
2. The ratio of the percentage change in quainty demanded to the erchange change in spirce
is known as the: price elasticity of demand
Spring 20m, '
ECO \oo-wm -Ch3
MmKe" EHCCES 0F W7
1- A change in demand causes a shift of the demand curve.
A change in quantity demanded causes a movement along the demand curve. 1. Determine which of the following variables "changes" or "remains fixed
Which of the following is a
A firm opens two new plants.
The number of farms in Kansas increases by 10%.
Three new firms enter the computer chip industry.
Your answer is not correct.
A firm hires six new workers.
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1- A change in price causes movement along a supply curve and a change in the quantity supplied . WW 7‘7 7 r 7,
1* Excess demand occurs when the price is less than the equilibrium price; excess supply occurs when the
WEEK 5 QUIZ, CHAPTER 6
Which of the following is NOT a characteristic of a perfectly competitive
a small number of firms in a market
This is the correct answer.
Who are the price takers in a perfectly competitive market?
both the buyers and
1. Compute the Cost. Edward the entrepreneur takes 2 hours to cut a lawn and he cuts
500 lawns per year. He uses solar-powered equipment (truck and mower) that will last
foreverlong dashand could be sold at any time for $20,000. Edward could earn $10 per
The price elasticity of demand reflects the responsiveness of:
demand to a change in price of a substitute good.
quantity demanded to a change in price.
Your answer is correct.
firms to changes in demand.
demand to a change in price.
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Homework: Week 3 Chapter 8 Homework
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Chapter 8 Production Technology and Costs 8.1
Economic Costs and Economic Profit
1) Accountants include _ costs as part of a firm's costs, while economists include
A) explicit; no explicit
B) implicit; no implicit
C) explicit and implicit; implicit
Which of the following is true in the long run for both monopoly and perfectly competitive
A. Firms will go out of business if they cannot charge a price that is at least equal to average total
B. Firms can earn positive economic profits