不不@O ll 82% 09:37ECO 101 INTRODUCTION TO ECONOMICS 1 ÖĞRECO 101 INTRODUCTION TO ECONOMICS 1FINAL EXAM 25/01/2021 8:30 – 10:001.Use the following figure to work.FIGUR E 3.4Problems 18 and 1916141210100200300400Quantity (pizzas per day)a. Label the curves. Which curve shows the willingness to pay for a pizza?b. If the price of a pizza is $16, is there a shortage or a surplus and does the price rise or fall?c. Sellers want to receive the highest possible price, so why would they be willing to accept less than $16a pizza?d. If the price of a pizza is $12, is there a shortage or a surplus and does the price rise or fall?e. Buyers want to pay the lowest possible price, so why would they be willing to pay more than $12 for apizza?2. The table sets out the supply schedule of jeans.PriceQuantity supplied(millions ofa. Calculate the elasticity of supply when the price rises from $125to $135 a pair.(dollarsper pair)pairs per year)b. Calculate the elasticity of supply when the average price is $12512024a pair.12528c. Is the supply of jeans elastic, inelastic, or unit elastic?1303213536Price (dolars pe pizo)

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16 14 12 10 300 Quantity (pizzas per day) 100 200 400 fa. Label the curves. Which curve shows theſwillingness to pay for a pizza? b. If the price of a pizza is $16, is there a shortage or a surplus and does the price rise or fall? c. Sellers want to receive the highest possible price, so why would they be willing to accept less than $16 a pizza? Price (dollars per pizza)

16 14 12 10 300 Quantity (pizzas per day) 100 200 400 fa. Label the curves. Which curve shows theſwillingness to pay for a pizza? b. If the price of a pizza is $16, is there a shortage or a surplus and does the price rise or fall? c. Sellers want to receive the highest possible price, so why would they be willing to accept less than $16 a pizza? Price (dollars per pizza)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

不不@
O ll 82% 09:37
ECO 101 INTRODUCTION TO ECONOMICS 1 ÖĞR
ECO 101 INTRODUCTION TO ECONOMICS 1
FINAL EXAM 25/01/2021 8:30 – 10:00
1.Use the following figure to work.
FIGUR E 3.4
Problems 18 and 19
16
14
12
10
100
200
300
400
Quantity (pizzas per day)
a. Label the curves. Which curve shows the willingness to pay for a pizza?
b. If the price of a pizza is $16, is there a shortage or a surplus and does the price rise or fall?
c. Sellers want to receive the highest possible price, so why would they be willing to accept less than $16
a pizza?
d. If the price of a pizza is $12, is there a shortage or a surplus and does the price rise or fall?
e. Buyers want to pay the lowest possible price, so why would they be willing to pay more than $12 for a
pizza?
2. The table sets out the supply schedule of jeans.
Price
Quantity supplied
(millions of
a. Calculate the elasticity of supply when the price rises from $125
to $135 a pair.
(dollars
per pair)
pairs per year)
b. Calculate the elasticity of supply when the average price is $125
120
24
a pair.
125
28
c. Is the supply of jeans elastic, inelastic, or unit elastic?
130
32
135
36
Price (dolars pe pizo)

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