Name: Bledi Demirazi
Chapter(s): 5, 7
135-1
Price elasticity of demand = Percentage change in Quantity demanded
Percentage change in the price
= 2/10 = 0.2
The price elasticity of demand is 0.2 when there is a fall in the quantity purchased by 2%. Since t

Worcester State University - Economics 110 - Principles of Microeconomics - Online
Dr. William F. O'Brien Jr. - Sullivan Room 203B - Phone 508-929-8744 - wobrien@worcester.edu
Instructor Assignable Problem Sets
Problem sets are due every week at the end o

Chapter
APPENDIX OUTLINE
Appendix:
Making
and Using
Graphs
1
1. Making and Using Graphs
A. Basic Idea
B. Interpreting Data Graphs
1. Scatter Diagram
2. Time-Series Graph
3. Cross-Section Graph
C. Interpreting Graphs Used in Economic Models
1. Positive (or

Elasticity of Demand and Supply
CHAPTER FOUR
ELASTICITY OF DEMAND AND SUPPLY
ANSWERS TO END-OF-CHAPTER QUESTIONS
4-1
What is the formula for measuring price elasticity of demand? What does it mean (in terms of
relative price and quantity change) if the pr

Bledi Demirazi
Final Exam
Microeconomics
Question 1
Choco Cookies sell for $50 per box, of which $10 consists of tax, and 70,000 boxes are sold
every year. From previous research, you know that the price elasticity of demand for Choco
Cookies is 1.5 (that

Name: Bledi Demirazi
Chapter(s): 18, 19
481-2
Game theory is the tool used to analyze strategic behavior that recognizes mutual interdependence and
takes account of the expected behavior of others.
Based on the table 1 Unites States is imposing tariff on

Name: Bledi Demirazi
Chapter(s): Chapter 3
79-5
Hours of Labor
0
10
20
30
40
Pizzas
0
30
50
60
65
Bread
40
30
20
10
0
Based on the data given it looks like Foodland can produce 30 pizzas and 30 bread loaves a day.
The output is efficient since the product

Name: Bledi Demirazi
Chapter(s): 16
429-1
Every company tries to generate maximum profit that is gained through different marketing and pricing
strategies. In this case Microsoft will establish a price of its products in this case Windows that will
elevat

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) A price ceiling in the market for fuel oil that is below the equilibrium price will
A) lead to the quantity supplied of fuel oil exceeding the quanti