03 Jun Question Which of the following items is likely to have the most price elastic demand?
Question
Which of the following items is likely to have the most price elastic demand?
Answer
breakfast cereal
table salt
Kellogg’s Corn Flakes
gasoline
If the cost of water used to irrigate orange groves in California increases, the __________ curve of California oranges ___________________. This leads to _________________ in the equilibrium price for California oranges and ____________ in the equilibrium quantity sold.
Answer
demand, shifts to the right, an increase, an increase
supply, shifts to the left, an increase, a decrease
supply, shifts to the right, a decrease, an increase
demand, shifts to the left, an increase, a decrease
supply, shifts to the left, a decrease, an increase
When average consumer income increases from $40,000 to $44,000 in Mapleville, the quantity demanded of widgets went from 10 to 9 units per capita, even though the price of widgets and other products did not change. The income elasticity of demand for widgets (using the midpoint method) is:
(DO NOT USE SYMBOLS OTHER THAN A DECIMAL POINT OR NEGATIVE SIGN IN YOUR ANSWER. IF YOU USE A NEGATIVE SIGN, DO NOT LEAVE A SPACE BETWEEN IT AND THE NUMBER.)
Last month Jones Hat Company sold 100 hats at $10 each. This month it raised the price of hats to $11 and sold 101 hats. This
that another factor, such as income, changed, shifting the demand curve for hats to the right.
the demand curve for hats is upward sloping.
the law of demand is violated.
another factor, such as income, changed, shifting the demand curve to the left.
the supply curve of hats shifted upward.
Jesse sells 400 candles per month at an average price of $5 per candle. Costs of supplies to produce and sell the candles are $500. Rather than producing and selling candles, Jesse could be working at a second job earning $800 per month. What is Jesse’s monthly ECONOMIC profit?
(DO NOT USE SYMBOLS OTHER THAN A DECIMAL POINT IN YOUR ANSWER.)
se the terms “rising,” “falling,” or “staying the same” (but without the quotation marks) when filling in the following blanks.
When the average total cost curve is “U” shaped, the average total cost curve is (falling) if the marginal cost curve is below it and (rising )if the marginal cost curve is above it. When average variable cost is minimized, marginal cost is (rising ) and when average total cost is minimized, marginal cost is (rising.)
Firm XYZ measured its MP of labor curve to be the following:
MP = 4000 – 2L
where L is the number of hours of labor hired per day.
XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits?
(DO NOT USE SYMBOLS OTHER THAN A DECIMAL POINT OR NEGATIVE SIGN IN YOUR ANSWER. IF YOU USE A NEGATIVE SIGN, DO NOT LEAVE A SPACE BETWEEN IT AND THE NUMBER.)
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