ECON 312 WEEK 1 QUIZ (SET 2)

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ECON 312 Week 1 Quiz (Set 2)

Version 2

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(TCO 2) A demand curve

(TCO 2) In the past few years, the demand for donuts has greatly increased. This increase in
demand might best be explained by

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

(TCO 2) The demand curve for a product might shift as the result of a change in

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(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

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(TCO 2) If the price of hand calculators falls from $10 to $9 and, as a result, the quantity
demanded increases from 100 to 125, then
(TCO 2) If quantity demanded is completely unresponsive to price
(TCO 2) The state legislature has cut Gigantic State University's appropriations. GSU's Board
of Regents decides to increase tuition fees to compensate for the loss of revenue. The board is
assuming that the

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

(TCO 2) What is the Law of Demand? Why does the demand curve slope downwards?
(TCO 2) Suppose the price of widgets rises from $7 to $9 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.