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microeconomics
Questions and Answers of
Microeconomics
Draw a demand curve, D1 , in Figure 4. Then draw a second demand curve, D2 , that illustrates a decrease in demand. Figure 4 P Q
Draw a supply curve, S1 , in Figure 5, and a second supply curve, S2 , that represents an increase in supply. Figure 5 P Q
A major technological improvement leads to a large decrease in the cost of production. Using Figure 6 draw a new supply curve, S2 , to reflect this change. Then state the new equilibrium price and
Draw a graph in Figure 7 illustrating a simultaneous increase in supply and demand. Label all four curves and both equilibrium points. Figure 7 P Q
Draw a graph in Figure 8 illustrating a simultaneous increase in supply and decrease in demand. Label all four curves and both equilibrium points. Figure 8 P Q
Use Figure 9 to illustrate (a) a change in demand and (b) a change in the quantity demanded. Price Figure 9 Quantity
Use Figure 10 to illustrate (a) a change in supply and (b) a change in quantity supplied. Price Figure 10 Quantity
(a) Using Figure 11, draw a new supply curve, S2 , which illustrates an increase in supply. (b) State what happens to equilibrium price and quantity. Price ($) Figure 11 Quantity
(a) Using Figure 12, draw a new demand curve, D2 , which illustrates a decrease in demand. (b) State what happens to equilibrium price and quantity. Price ($) Figure 12 Quantity
Use Figure 13 to show an increase in demand and an increase in supply. (a) Label each of the curves (S 1 , S 2 , D 1 , and D2 ). (b) State the original equilibrium price and quantity (c) State the
Use Figure 14 to show an increase in demand and a decrease in supply. (a) Label each of the curves (S 1 , S 2 , D 1 , and D 2 ). (b) State the original equilibrium price and quantity. (c) State the
Without drawing a graph, estimate equilibrium price and quantity using the information given in Table 3. TABLE 3 Price $40 20 Quantity Demanded 4 60 Quantity Supplied 100 25
Without drawing a graph, estimate equilibrium price and quantity using the information given in Table 4. TABLE 4 Price $70 40 Quantity Demanded 30 90 Quantity Supplied 50 10
The entire orange crop in Florida is affected by a freeze. On the graph in Figure 15, show how demand and supply are affected and show the new equilibrium price and quantity for a bushel of
There is an increase in demand of 25 units at each price. In Figure 16, draw a new demand curve and fi nd the new equilibrium price and quantity. Price ($) 100 90 80 70 60 50 40 30 20 10 Figure 16
There is an increase in supply of 25 units at each price. In Figure 17, draw a new supply curve and fi nd the new equilibrium price and quantity. Price ($) 100 90 80 70 60 50 40 30 20 10 Figure 17
There is a decrease in demand of 1,000 units at each price and a decrease in supply of 1,000 units at each price. In Figure 18, draw the new demand and supply curves and fi nd the new equilibrium
There is an increase in demand of 100 units at each price and a decrease in supply of 100 units at each price. In Figure 19, draw the new demand and supply curves and fi nd the new equilibrium price
How do the relative elasticities of demand and supply affect the relative tax burdens of the buyer and the seller?
Practical Application: If the elasticity of demand for cigarettes among teenagers is 0.5, how much would the price of a pack of cigarettes have to be raised from $10 to cut teenage smoking by 20
If demand is inelastic and price is raised, total revenue will ________.a) riseb) fallc) stay the samed) possibly rise or possibly fall
If demand is elastic and price is lowered, total revenue will ______.a) riseb) fallc) stay the samed) possibly rise or possibly fall
Over time the supply of a particular good or service tends to ______.a) become more elasticb) become less elasticc) stay about the same
Demand is elastic when ______.a) percentage change in price is greater than percentage change in quantityb) percentage change in quantity is greater than percentage change in pricec) the demand
A perfectly elastic supply curve is ______.a) a horizontal lineb) a vertical linec) neither a horizontal nor a vertical line
A 5 percent increase in the price of sugar causes the quantity demanded to fall by 15 per cent. The demand for sugar is _____.a) perfectly elasticb) elasticc) unit
Which statement is true about the graph in Figure 1?a) Demand is perfectly elastic.b) Demand is perfectly inelastic.c) Demand is more elastic at point X than at point Y.d) Demand is more elastic
The advertiser wants to push her product’s demand curve _____.a) to the right and make it more elasticb) to the right and make it less elasticc) to the left and make it more elasticd) to the
Demand is elastic if _____.a) percentage change in quantity is greater than percentage change in priceb) percentage change in price is greater than percentage change in quantityc) percentage
The most important determinant of the degree of elasticity of demand is _____.a) whether the item is a big-ticket itemb) whether the item is a luxuryc) how many uses the product hasd) the
Statement 1 . A perfectly elastic demand curve has an elasticity of zero. Statement 2. When demand is elastic and price is raised, total revenue will fall.a) Statement 1 is true, and statement 2 is
Statement 1 . When demand is inelastic and price is lowered, total revenue will rise. Statement 2. Demand is unit elastic when elasticity is one.a) Statement 1 is true, and statement 2 is
When demand is perfectly elastic, a tax increase is borne ______.a) only by the buyerb) only by the sellerc) mostly by the buyerd) mostly by the seller
If supply is perfectly inelastic, a tax increase is borne _______. a) only by the buyerb) only by the sellerc) mostly by the buyerd) mostly by the seller
A tax will ______.a) lower price and raise supplyb) lower price and lower supplyc) raise price and lower supplyd) raise price and raise supply
When demand is relatively inelastic and supply is relatively elastic, the burden of a tax will be borne ______.a) mainly by sellersb) mainly by buyersc) equally between sellers and buyersd) it is
How much is the tax? a) $ 0 .35b) $ 0 .50c) $ 0 .65d) $1.00e) $1.50 Price ($) 23 22 21 20 19 18 Figure 2 10 20 Quantity 30 40 52 D S 50
About how much of the tax is paid by consumers in the form of higher prices?a) 10 centsb) 20 centsc) 35 centsd) 50 centse) 65 cents Price ($) 23 22 21 20 19 18 Figure 2 10 20 Quantity 30 40 S D
About how much of the tax is paid by the sellers? a) 80 centsb) 65 centsc) 50 centsd) 35 centse) 10 cents Price ($) 23 22 21 20 19 18 Figure 2 10 20 Quantity 30 40 S D S 50
As a result of the tax, the consumption of this good falls by about ______.a) 4b) 5c) 6d) 7e) 8 Price ($) 23 22 21 20 19 18 Figure 2 10 20 Quantity 30 40 S D S 50
The imposition of a tax _________.a) raises both supply and demandb) lowers neither supply nor demandc) lowers only supplyd) lowers only demand
Supply is most elastic in ______.a) the market periodb) the short runc) the long run
Which statement is the most accurate ?a) The demand for gasoline is very elastic.b) The demand for home heating oil is very inelastic.c) The seller of a perishable commodity has a relatively
Figure 3 shows ______.a) a perfectly inelastic supply curveb) a perfectly inelastic demand curvec) a perfectly inelastic demand curve or a perfectly inelastic supply curved) none of the above.
If your income goes down by 15 percent and you cut back on your manicures by 25 per cent, then your demand for manicures is ________. a) income elasticb) income inelasticc) income elastic and
If our income elasticity for vacation trips is 2.8, we may conclude that vacation trips are ______.a) a normal serviceb) an inferior servicec) both a normal service and an inferior
When the cross elasticity of demand for two services is negative, then these services are ______.a) complementsb) substitutesc) both complements and substitutesd) neither complements nor
A firm seeking to maximize its total revenue would lower its price until price elasticity of demand was ______. a) a maximumb) a minimumc) one
If the price of iPods is reduced by 50 percent and the quantity of songs demanded on iTunes rises by 25 percent, then the cross elasticity of demand for iPods and iTune songs is
During a very bad recession the nation’s disposable income fell by 10 percent, while its consumption of a certain good rose by 5 percent. That good was _______good.a) a complementaryb) a
Movie tickets and DVD rentals are ______ services.a) inferiorb) complementaryc) substituted) highly inelastic
Total revenue would be maximized when elasticity is __________.a) above 10b) risingc) fallingd) 1e) 0
The firm with this demand curve shown in Figure 4 would receive the highest total revenue at point ______.a) Ab) Bc) Cd) De) E Figure 4 Price B C D E Quantity
Elasticity of demand is a measure of ________the responsiveness of to changes in price.
Over time the elasticity of supply for a particular good or service tends to become _________.
A tax on a service that has a relatively elastic demand and a relatively inelastic supply will be borne mainly by the ________.
A perfectly elastic supply curve can be shown graphically as ________.
A tax cut __________ supply.
Draw a perfectly elastic supply curve.. Quantity Price ($)
Draw a perfectly inelastic supply curve. Quantity Price ($)
Draw a supply curve, S1 . Then draw a more elastic supply curve, S2 . Quantity Price ($)
If price were increased from $40 to $42 and quantity demanded fell from 50 to 45, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find how much total revenue
If price were lowered from $50 to $43 and quantity demanded rose from 15 to 16, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find how much total revenue was
Draw a demand curve, D1 . Then draw a second demand curve, D2 , that is less elastic. Quantity Price ($)
Draw a perfectly elastic demand curve and state its elasticity. Quantity Price ($)
On the demand curve shown in Figure 5, label the curve where it is very elastic, unit elastic, and very inelastic. Figure 5 Price ($) Quantity
If elasticity of demand is 2 and price is raised from $10 to $11, by what percentage will quantity demanded fall?
If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what percent age will quantity demanded rise?
In Figure 6: (a) How much is the tax? (b) How much of this tax is borne by the buyer and how much is borne by the seller? Price ($) 16 14 12 10 8 6 4 2 Figure 6 10 20 30 40 50 Quantity 60 70 S S D
If the price of laser eye surgery falls by 50 percent and the quantity of contact lenses de manded falls by 25 percent, fi nd the cross elasticity of demand for these two goods.
If your income rises by 20 percent and you decide to increase your purchases of clothing by 10 percent, fi nd your income elasticity for clothing.
If the elasticity of demand is 5, and the price of a cup of coffee is $2, how much would the seller need to reduce her price in order to increase the quantity sold by 50 percent?
(a) Using Figure 7, illustrate a tax increase. (b) State what happens to equilibrium price and quantity. Price ($) Figure 7 Quantity
Draw the demand curve for insulin for a diabetic. Quantity Price ($)
Draw the demand curve for funnel cakes on the fi rst day of the Iowa State Fair. Price Quantity
Draw the supply curve of land at the intersection of Main Street and Third Avenue in Port land, Oregon. Quantity Price ($)
In the year 2020 the world supply of oil peaks and production continues for the next decade at that level. If the price of oil is $80 a barrel in 2020 and worldwide demand rose by 50 percent over the
If the demand for a good is perfectly elastic and its price is $20, how much would its price be if its supply doubled?
(a) The demand for a product is perfectly inelastic and the supply of the product is perfectly elastic. If its equilibrium price is $15, draw a graph. (b) On the same graph, show a new equilibrium
Explain the water–diamond paradox.
If we know Olivia King’s demand schedule, we can find ______.a) her marginal utility, but not her total utilityb) her total utility, but not her marginal utilityc) both her total utility and her
If a service is free, you will consume more and more of it until ______.a) your marginal utility is zerob) your total utility is zeroc) both your marginal utility and your total utility are
A product’s utility to a buyer is measured by ______.a) its usefulnessb) its pricec) how much the buyer is willing to pay for itd) none of the above
As the price of a service rises, _______.a) the consumer surplus decreasesb) the consumer surplus increasesc) the consumer surplus may increase or decrease
In Figure 1 (price is OA) consumer surplus is bounded by ______.a) OBDc) ABCb) OACDd) none of the above A O B Figure 1 C D
When Kelly Ziegenfuss buys five units of a particular good or service, _______.a) she has no consumer surplusb) she has a consumer surplusc) there is no way of knowing whether she has a consumer
Lauren Elise Ballard would be maximizing her total utility when ______.a) she had a consumer surplusb) her marginal utility was zeroc) her marginal utility was equal to her total utilityd) she
Which statement is true?a) Most people have the same utility schedules.b) Most people enjoy a consumer surplus for at least some of the things they buy.c) We will consume additional units of a
Which statement is false?a) The water–diamond paradox can be resolved with the help of the law of diminishing marginal utility.b) We will consume a service when its marginal utility is equal to
As Keith Collins buys more and more of any good or service, his ____.a) total utility and marginal utility both declineb) total utility and marginal utility both risec) total utility rises and
Doug Horn will buy more and more of a good or service until _____.a) marginal utility is greater than priceb) price is greater than marginal utilityc) price is equal to marginal utility
In Figure 2 (price is JK) consumer surplus is bounded by _____.a) JKMNb) KLMc) JLNd) none of the above K J Figure 2 M N
If the marginal utility you derived from the last video game you played was $1.75 and the game cost $0.50 to play, _______.a) you have been playing the game too longb) you haven’t been playing
If a $10 bill was found lying on the sidewalk, ______.a) if a rich person found it, she would get more utility from what she could buy with it than a poor personb) if a poor person found it, she
Which statement is the most accurate? a) Your utility schedule for chewing gum can never change, since it is based on your demand schedule for chewing gum.b) Interpersonal utility comparisons
You are definitely enjoying a consumer surplus when you ______.a) go on an amusement park ride 10 times in a rowb) go to the same amusement park once a summer for 10 years in a rowc) take 10
Haley Megan Fosnough-Biersmith goes shopping for shoes and has plenty of money with her. She will keep buying shoes until _______.a) her total utility equals the priceb) her marginal utility equals
Colin Kelley maximizes his utility when _____.a) the marginal utility of everything he buys is equal to its priceb) the marginal utility of everything he buys is zeroc) he no longer enjoys a
Which statement is true?a) The utility of a plasma TV is greater than the utility of a 2001 Honda Accord.b) A $50 ticket to a Broadway show provides the ticket-holder with more utility than a $100
If this year’s Nobel Prize winner in physics gives a free lecture at your school and just eight people attend, you may conclude that _____.a) no one derived any utility from his lectureb) none of
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