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ECON 312 Week 2 Quiz

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(TCO 2) In presenting the idea of a demand curve, economists presume that the most important variable in determining the quantity demanded is

(TCO 2) Which of the following would not shift the demand curve for beef?

(TCO 2) Which of the following is most likely to be an inferior good?

(TCO 2) Suppose that tacos and pizza are substitutes and that soda and pizza are complements. We would expect an increase in the price of pizza to

(TCO 2) The supply curve shows the relationship between

(TCO 2) If the demand for product X is inelastic, a 4% increase in the price of X will

(TCO 2) Suppose the price of local cable TV service increased from $16.20 to $19.80, and as a result, the number of cable subscribers decreased from 224,000 to 176,000. Use the Midpoint formula to find the answer. Along this portion of the demand curve, price elasticity of demand is

(TCO 2) A firm can sell as much as it wants at a constant price. Demand is thus

(TCO 2) The demand schedules for such products as eggs, bread, and electricity tend to be

(TCO 2) The more time consumers have to adjust to a change in price

(TCO 2) What is the CETERIS PARIBUS assumption, and why is this assumption very important in the definition of Demand or Supply?

(TCO 2) Suppose the price of widgets rises from $5 to $7 and consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work

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