notice that each multiple choice has 4 answers, i tried to edit it but i could n
ID: 1203401 • Letter: N
Question
notice that each multiple choice has 4 answers, i tried to edit it but i could not.
Question 3
At the market equilibrium, consumer surplus is equal to $45 and producer surplus is equal to $25. What is total surplus?
$0
$20
$45
d. $70
____________________________________________________________________
Question 4
If the equilibrium price of a rose is $25 per dozen, then at a price of $20 there will be ______________.
a shortage of roses
a surplus of roses
equality between quantity of roses supplied and quantity of roses demanded.
d. more downward pressure on the price of roses
____________________________________________________________
Question 5
Suppose that the price elasticity of demand for a good is -0.67. This indicates that the good is a(n) ___________ good.
elastic
inelastic
inferior
d. normal
_____________________________________________________________
Question 6
Suppose that the income elasticity of demand for a good is -0.42. This indicates that the good is a(n) ____________ good.
a. complementary
b. substitute
c. inferior
d. normal
__________________________________________________
Question 7
Suppose that you sell avocados and you are considering raising the per unit price. If you increase the price by 10% this will decrease the quantity demanded of avocados by 7%. This tells you that increasing the price by 10% will _______________ your total revenue from selling avocados.
increase
decrease
not change
d. Not enough information.
_______________________________________________
Question 8
Which of the following is not a determinant of the price elasticity of demand for a good?
availability of close substitutes
time frame
factory capacity
d. share of the consumer's budget
________________________________________
Question 9
Free Response: Suppose that a 5% decrease in the price of chocolate bars will lead to a 7% increase in the quantity demanded of chocolate bars. What is the absolute value of the price elasticity of demand for chocolate bars?
___________________________________________________
Question 10
Suppose that at a price of $75, the quantity demanded for rooms at the Seaside Hotel is 84 rooms. If the owners increase the price to $125, then the quantity demanded falls to 56 rooms. Calculate the absolute value of the price elasticity of demand using the midpoint method.
a.
$0
b.$20
c.$45
d. $70
____________________________________________________________________
Question 4
If the equilibrium price of a rose is $25 per dozen, then at a price of $20 there will be ______________.
a.a shortage of roses
b.a surplus of roses
c.equality between quantity of roses supplied and quantity of roses demanded.
d. more downward pressure on the price of roses
____________________________________________________________
Question 5
Suppose that the price elasticity of demand for a good is -0.67. This indicates that the good is a(n) ___________ good.
a.elastic
b.inelastic
c.inferior
d. normal
_____________________________________________________________
Question 6
Suppose that the income elasticity of demand for a good is -0.42. This indicates that the good is a(n) ____________ good.
a. complementary
b. substitute
c. inferior
d. normal
__________________________________________________
Question 7
Suppose that you sell avocados and you are considering raising the per unit price. If you increase the price by 10% this will decrease the quantity demanded of avocados by 7%. This tells you that increasing the price by 10% will _______________ your total revenue from selling avocados.
a.increase
b.decrease
c.not change
d. Not enough information.
_______________________________________________
Question 8
Which of the following is not a determinant of the price elasticity of demand for a good?
a.availability of close substitutes
b.time frame
c.factory capacity
d. share of the consumer's budget
________________________________________
Question 9
Free Response: Suppose that a 5% decrease in the price of chocolate bars will lead to a 7% increase in the quantity demanded of chocolate bars. What is the absolute value of the price elasticity of demand for chocolate bars?
___________________________________________________
Question 10
Suppose that at a price of $75, the quantity demanded for rooms at the Seaside Hotel is 84 rooms. If the owners increase the price to $125, then the quantity demanded falls to 56 rooms. Calculate the absolute value of the price elasticity of demand using the midpoint method.
Explanation / Answer
Dear Student, only one question is allowed at a time.
Q3)
Total Surplus = Consumer Surplus + Producer Surplus
= $45 + $25 = $70.
So, option D is the correct option.
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