Chapter 6 Homework 3

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University of North Alabama *

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692

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Economics

Date

Feb 20, 2024

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pdf

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20

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1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlu… 1/20 Score: 100/100 Points 100 %
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlu… 2/20 1. Award: 5 out of 5.00 points In the figure above, what is the point price elasticity of demand when price is $60? rev: 06_13_2020_QC_CS-215428 − 0.50 − 0.75 − 1.00 − 1.60 − 2.00 References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-04 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlu… 3/20 2. Award: 5 out of 5.00 points Demand is (more elastic / less elastic) in the short run than in the long run (more elastic) because goods account for a larger percentage of the consumer's budget in the short run than in the long run. (less elastic) because goods account for a smaller percentage of the consumer's budget in the short run than in the long run. (more elastic) because consumers have less time to adapt to a price change in the short run than in the long run. (less elastic) because consumers have less time to adapt to a price change in the short run than in the long run. References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-03 ✓
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1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlu… 4/20 3. Award: 5 out of 5.00 points According to the following figure, demand is unitary elastic at P = $_____. 5 10 15 20 25 References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-04 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlu… 5/20 4. Award: 5 out of 5.00 points If the price elasticity of demand for a good is − 0.8 and quantity demanded decreases by 40%, price must have increased by 5%. increased by 32%. decreased by 20%. decreased by 32%. None of the choices are correct. References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-04 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlu… 6/20 5. Award: 5 out of 5.00 points In the figure above, what is the interval elasticity of demand over the price range $60 to $80? rev: 06_13_2020_QC_CS-215387 − 0.75 − 1.10 − 1.00 − 1.40 − 2.00 References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-04 ✓
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1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlu… 7/20 6. Award: 5 out of 5.00 points To answer the question, refer to the following table showing a demand schedule: Price Quantity demanded $200 1,000 150 1,400 100 1,800 If price falls from $200 to $150, arrows representing the price and quantity effects both point down. an arrow representing the price effect points down and is longer than an arrow for the quantity effect. an arrow representing the price effect points down and is shorter than an arrow for the quantity effect. arrows representing the price and quantity effects both point up. total revenue moves in the same direction as the arrow representing the price effect. References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-02 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlu… 8/20 7. Award: 5 out of 5.00 points Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the question. The price at which total revenue is maximized is $_____. 10 15 20 25 30 References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-02 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlu… 9/20 8. Award: 5 out of 5.00 points To answer the question, refer to the following table showing a demand schedule: Price Quantity demanded $200 1,000 150 1,400 100 1,800 As quantity demanded rises from 1,400 to 1,800, what is marginal revenue? $25 $50 − $400 − $50 − $75 References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-05 ✓
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1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 10/20 9. Award: 5 out of 5.00 points Refer to the following figure. When price is $5 and quantity demanded is 3,000, what is the point elasticity of demand? − 3 − 1/3 − 1 − 5 − 2/3 References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-05 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 11/20 10. Award: 5 out of 5.00 points Total revenue increased for a firm operating in the elastic range of its demand curve. Which of the following statements is correct? The firm must have raised price. The firm must have lowered price. Quantity demanded must have increased. both "The firm must have raised price" and "Quantity demanded must have increased". both "The firm must have lowered price" and "Quantity demanded must have increased". References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-02 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 12/20 11. Award: 5 out of 5.00 points In the figure above, what is the point price elasticity of demand when price is $80? rev: 06_13_2020_QC_CS-215410 − 0.50 − 0.75 − 1.00 − 1.60 − 2.00 References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-04 ✓
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1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 13/20 12. Award: 5 out of 5.00 points According to the following figure, the equation for demand is P = 4,000 − 50 Q . P = 4,000 − 80 Q . Q = 4,000 − 50 P . Q = 50 − 80 P . None of the choices are correct. References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-05 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 14/20 13. Award: 5 out of 5.00 points Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000: − 0.10 − 1.10 0.1818 0.20 1.10 References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-06 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 15/20 14. Award: 5 out of 5.00 points 15. Award: 5 out of 5.00 points Which of the following would tend to decrease the elasticity of demand for good X ? The cost of producing X decreases. Several firms which used to produce substitutes for X go out of business. Consumers begin spending a smaller percentage of their income on X . both "Several firms which used to produce substitutes for X go out of business" and "Consumers begin spending a smaller percentage of their income on X ". All of the choices are correct. References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-03 If the quantity of Harley-Davidson motorcycles demanded decreases by 10% when the price increases by 20%, the price elasticity of demand for Harley-Davidson motorcycles is − 0.50. − 2.0. − 10.0. − 20.0. References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-01 ✓ ✓
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1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 16/20 16. Award: 5 out of 5.00 points When demand is inelastic, quantity sold does not increase when price decreases. selling one more unit of output causes marginal revenue to increase. selling one more unit of output cause total revenue to increase. buyers are not very responsive to changes in the price of the product. the percentage change in quantity demanded will exceed the percentage change in price (in absolute value). References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-02 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 17/20 17. Award: 5 out of 5.00 points Refer to the following graph to answer the question: Over the price range $90 to $110, marginal revenue is _____ and demand is _____. greater than one; inelastic positive; elastic negative; inelastic less than one; elastic None of the choices are correct. References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-04 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 18/20 18. Award: 5 out of 5.00 points To answer the question, refer to the following table showing a demand schedule: Price Quantity demanded $200 1,000 150 1,400 100 1,800 If price falls from $200 to $150, what is the elasticity of demand over this range? − 0.62 − 1.0 − 1.17 − 2.5 − 3.0 References Multiple Choice Difficulty: 02 Medium Learning Objective: 06-04 ✓
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1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 19/20 19. Award: 5 out of 5.00 points Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the question. The marginal revenue of the 700th unit is $_____ and demand is _____ at this point. − 20; elastic − 20; inelastic 15; elastic 15; inelastic References Multiple Choice Difficulty: 03 Hard Learning Objective: 06-05 ✓
1/13/24, 3:20 PM Assignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcml… 20/20 20. Award: 5 out of 5.00 points In the figure above, if price increases from $60 to $80, an arrow representing the PRICE effect will point upward. will point downward. will be longer than (and in opposite direction of) the arrow representing the quantity effect. will be shorter than (and in the opposite direction of) the arrow representing the quantity effect. both "will point upward" and "will be shorter than (and in the opposite direction of) the arrow representing the quantity effect". References Multiple Choice Difficulty: 03 Hard Learning Objective: 06-02 ✓

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