Exam 3: Individual Demand Curves

Figure 3 In Figure 3,the point A2 is half way between the origin and the quantity intercept of the demand curve.The price elasticity at point "3" is

The market demand curve for any good is

If income doubles and the quantity demanded of good X more than doubles,then good X can be described as a

If good X is a normal good and its price rises,then quantity demanded

With only two goods,if the income effect is in the opposite direction as the substitution effect but the income effect dominates then the good is

Suppose demand can be written as PQ = 1000.The price elasticity of demand is)

Assume X and Y are the only two goods a person consumes.If after a rise in the quantity demanded of Y increases,one could say

Which of the following functional forms for utility suggests the greatest substitution effect when starting at the point where P_X = P_Y

Suppose there are two people who demand apples.Suppose one considers apples and oranges complements and another considers them substitutes.An increase in the price of oranges will

If the cross price elasticity of demand equals -1,then the two goods are

The price elasticity of demand for any good must be less than or equal to zero unless

Suppose demand can be written as Q = 5.The elasticity of demand is)

Two goods,X and Y,are called substitutes if

Two goods,X and Y,are called complements if

If a good is normal and its price increases,

If an individual's housing purchases are always a constant fraction of income,then the income elasticity of demand for housing is

Suppose there are two goods (X and Y).On a traditional graph of a budget line a tripling of all prices and incomes will

The inelasticity of demand for gasoline in the short run

If demand is elastic,a decrease in quantity will cause the total spending (P * Q)to

At any price,the market demand curve