Question Details

#NAME?


Hi

I need help with this homework assignment. Thanks.


+++++++++++++++++++++++++++++++++++++++++++++++++ A note on this homework:

 

Some of the problems are fill-in-the-blank, where you must type your numerical answer. For

 

these problems, be sure to enter in numbers only. You can enter in decimal places if needed.

 

However, do NOT put in dollar signs, commas, or units. Just enter the number. Example:

 

A firm sells 600 units at a price of $3 each. What is the Total Revenue received by the firm?

 

Correct: Type in 1800

 

Incorrect: Type in 1,800

 

Incorrect: Type in $1800

 

+++++++++++++++++++++++++++++++++++++++++++++++++

 

1. For the next 6 questions, use the graph above. USING THE MIDPOINT METHOD, what is

 

the absolute value of the price elasticity of demand between P=100 and P=80?

 

A) 0.3333

 

B) 0.5

 

C) 0.75

 

D) 1

 

E) 1.5 F) 2

 

G) 2.5

 

H) 3

 

I) 3.5

 

2. The value found in the above question is considered to be:

 

A) elastic

 

B) unit elastic

 

C) inelastic

 

3. Suppose that at this point, producers raised the price by 5%. What would happen to

 

quantity demanded as a result?

 

A) it would rise by 5%

 

B) it would fall by 5%

 

C) it would rise by more than 5%

 

D) it would fall by more than 5%

 

E) it would rise by less than 5%

 

F) it would fall by less than 5%

 

4. USING THE MIDPOINT METHOD, what is the absolute value of the price elasticity of

 

demand between P=40 and P=20?

 

A) 0.3333

 

B) 0.5

 

C) 0.75

 

D) 1

 

E) 1.5

 

F) 2

 

G) 2.5

 

H) 3

 

I) 3.5

 

5. The value found in the above question is considered to be:

 

A) elastic

 

B) unit elastic

 

C) inelastic

 

6. Suppose that at this point, producers raised the price by 5%. What would happen to

 

quantity demanded as a result?

 

A) it would rise by 5%

 

B) it would fall by 5%

 

C) it would rise by more than 5%

 

D) it would fall by more than 5%

 

E) it would rise by less than 5%

 

F) it would fall by less than 5%

 

7.

 

The following graph below represents a linear demand function. Use the graph below to answer the following questions. Elasticity values are greater than 1

 

(in absolute value) in the portion of the graph described by letter _____.

 

A) a

 

B) b

 

C) c

 

8. Elasticity values are less than 1 (in absolute value) in the portion of the graph described by

 

letter _____.

 

A) a

 

B) b

 

C) c

 

9. Elasticity values are exactly equal to 1 in absolute value in the portion of the graph

 

described by letter _____.

 

A) a

 

B) b

 

C) c

 

10. The inelastic portion of the graph is the area described by letter _____.

 

A) a

 

B) b

 

C) c

 

11. The unit elastic portion of the graph is the area described by letter _____.

 

A) a

 

B) b

 

C) c

 

12. The elastic portion of the graph is the area described by letter _____.

 

A) a

 

B) b

 

C) c

 

13. Total revenue is maximized over the portion of the graph described by letter ______. A) a

 

B) b

 

C) c

 

14. Suppose we are somewhere in portion ?c? on the graph and the firm raises the price of the

 

good by a small amount. What happens to total revenue?

 

A) Total revenue will increase

 

B) Total revenue will decrease

 

C) Total revenue will stay the same

 

15. Suppose we are somewhere in portion ?a? on the graph and the firm raises the price of the

 

good by a small amount. What happens to total revenue?

 

A) Total revenue will increase

 

B) Total revenue will decrease

 

C) Total revenue will stay the same

 

16. Suppose that the firm lowered prices by 2%, and in response, consumers purchased 6%

 

more of the good. We know that we are somewhere on the portion labeled by letter

 

_________.

 

A) a

 

B) b

 

C) c

 

D) not enough information to answer

 

17.

 

For the next 5 questions, consider the following market for Blu-Ray players.

 

Demand: Qd = 400 ? 3P

 

Supply: Qs = ?100 + 2P

 

Given these equations, what are the equilibrium price and quantity?

 

Equilibrium price is ____________________.

 

Equilibrium quantity is ___________________. 18. Suppose the actual market price of Blu-Ray players is $92. What is the quantity

 

demanded and quantity supplied at this price?

 

Quantity demanded is ______________________.

 

Quantity supplied is ________________________. 19. At this price of $92, will there be a shortage or a surplus of Blu-Ray players? A) Shortage

 

B) Surplus

 

20. What is the amount of this shortage or surplus? __________________________/

 

The shortage or surplus is Blu-Ray players.

 

21. Over time, do you expect the price of Blu-Ray players to rise or fall?

 

A) expect the price to rise

 

B) expect the price to fall

 

22. For the next 5 questions, consider the following market for digital cameras.

 

Demand: Qd = 500 ? 2P

 

Supply: Qs = ?80 + 3P

 

Given these equations, what are the equilibrium price and quantity?

 

Equilibrium price is ____________________.

 

Equilibrium quantity is ____________________. 23. Suppose the actual market price of digital cameras is $128. What is the quantity

 

demanded and quantity supplied at this price?

 

Quantity demanded is ___________________________.

 

Quantity supplied is _____________________________. 24. At this price of $128, will there be a shortage or a surplus of digital cameras?

 

A) Shortage

 

B) Surplus

 

25.

 

What is the amount of this shortage or surplus? ____________________________.

 

The shortage or surplus is digital cameras.

 

26. Over time, do you expect the price of digital cameras to rise or fall?

 

A) expect the price to rise

 

B) expect the price to fall

 

27. Suppose guitars and guitar strings are complements in consumption. What will happen in

 

the market for guitars if the price of guitar strings decreases? A) There will be an increase in quantity demanded for guitars

 

B) There will be a decrease in quantity demanded for guitars

 

C) There will be an increase in demand for guitars

 

D) There will be a decrease in demand for guitars

 

28. Based on your answer, what will happen to the equilibrium price of guitars?

 

A) increase

 

B) decrease

 

C) remain the same

 

D) could do any of the above

 

29. What will happen to the equilibrium quantity of guitars?

 

A) increase

 

B) decrease

 

C) remain the same

 

D) could do any of the above

 

30. Consider another good, bread. Which of the following would cause a leftward shift in the

 

demand for bread?

 

A) an increase in the production costs involved in making bread

 

B) a decrease in consumer income, assuming that bread is a normal good

 

C) an increase in consumer income, assuming that bread is a normal good

 

D) a decrease in the price of jelly, which is a complement to bread

 

31.

 

Watch the following video (made by Dave Brown from Penn State Economics). Link here:

 

https://www.youtube.com/watch?v=P9jj_rIVbeg.

 

The video details the complexities that can arise if there are simultaneous shifts in demand

 

and supply. Based on the analysis done in the video, what is the net effect on equilibrium

 

price if there is a simultaneous increase in demand and an increase in supply?

 

A) Equilibrium price will always go up

 

B) Equilibrium price will always go down

 

C) Equilibrium price could go up or down

 

32. Based on the analysis done in the video, what is the net effect on equilibrium quantity if

 

there is a simultaneous increase in demand and an increase in supply?

 

A) Equilibrium quantity will always increase

 

B) Equilibrium quantity will always decrease

 

C) Equilibrium quantity could increase or decrease

 

33. Using the same analysis done in the video, draw for yourself the situation of a

 

simultaneous decrease in demand and increase in supply. Based on your graphs, what is the

 

net effect on equilibrium price?

 

A) Equilibrium price will always go up

 

B) Equilibrium price will always go down

 

C) Equilibrium price could go up or down 34. Using the same analysis done in the video, draw for yourself the situation of a

 

simultaneous decrease in demand and increase in supply. Based on your graphs, what is the

 

net effect on equilibrium quantity?

 

A) Equilibrium quantity will always increase

 

B) Equilibrium quantity will always decrease

 

C) Equilibrium quantity could increase or decrease

 


Solution details:

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Sep 13, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now