Question 1

In Problem 5,the demand function for drangles is given by D(p)= (p - 1) - 2.If the price of drangles is $20,then the price elasticity of demand is

Accepted Answer

A)  -0.95. 
B)  -7.62. 
C) -5.71. 
D)  -3.81. 
E)  -1.90. 
A)  -0.95. 
B)  -7.62. 
C) -5.71. 
D)  -3.81. 
E)  -1.90.

Question 2

In Problem 1,suppose every Buick owner's demand for gasoline is 20 - 5p for p less than or equal to 4 and 0 for p  $\gt$4.Every Dodge owner's demand is 15- 3p for p less than or equal to 5 and 0 for p  $\gt$ 5.Suppose that Gas Pump,South Dakota,has 100 Buick owners and 150 Dodge owners.If the price of gasoline is $3.50,what is the total amount of gasoline demanded in Gas Pump?

Accepted Answer

A)  1,850 gallons 
B)  1,387.50 gallons 
C)  462.50 gallons 
D)  925 gallons 
E)  None of the above. 
A)  1,850 gallons 
B)  1,387.50 gallons 
C)  462.50 gallons 
D)  925 gallons 
E)  None of the above.

Question 3

In Problem 6,the only quantities of good 1 that Barbie can buy are 1 unit or zero units.For x1 equal to zero or 1 and for all positive values of x2,suppose that Barbie's preferences were represented by the utility function (x1 + 6)(x2 +8).Then if her income were $20,her reservation price for good 1 would be

Accepted Answer

A)  $4.50. 
B)  $.75. 
C)  $8. 
D)  $4. 
E)  $1.23. 
A)  $4.50. 
B)  $.75. 
C)  $8. 
D)  $4. 
E)  $1.23.

Question 4

In Problem 5,the demand function for drangles is given by D(p)=(p+1) - 2.If the price of drangles is $8,then the price elasticity of demand is

Accepted Answer

A)  -3.56. 
B)  -5.33. 
C)  -0.89. 
D)  -7.11. 
E)  -1.78. 
A)  -3.56. 
B)  -5.33. 
C)  -0.89. 
D)  -7.11. 
E)  -1.78.

Question 5

In Problem 6,the only quantities of good 1 that Barbie can buy are 1 unit or zero units.For x1 equal to zero or 1 and for all positive values of x2,suppose that Barbie's preferences were represented by the utility function (x1 +12)(x2+8).Then if her income were $36,her reservation price for good 1 would be

Accepted Answer

A)  $3.38. 
B)  $6.77. 
C)  $1.50. 
D)  $4.50. 
E)  $.57. 
A)  $3.38. 
B)  $6.77. 
C)  $1.50. 
D)  $4.50. 
E)  $.57.

Exam 15:Market Demand-Part B

In Problem 5,the demand function for drangles is given by D(p)= (p - 1) - 2.If the price of drangles is $20,then the price elasticity of demand is

In Problem 5,the demand function for drangles is given by D(p)=(p+1) - 2.If the price of drangles is $8,then the price elasticity of demand is

Demand-Part A

Revealed Preference-Part A

Revealed Preference-Part B

Slutsky Equation-Part A

Slutsky Equation-Part B

Buying and Selling-Part A

Buying and Selling-Part B

Intertemporal Choice-Part A

Intertemporal Choice-Part B

Asset Markets-Part A

Asset Markets-Part B

Uncertainty-Part A

Uncertainty-Part B

Risky Assets-Part A

Risky Assets-Part B

Consumers Surplus-Part A

Consumers Surplus-Part B

Market Demand-Part A

Equilibrium-Part A

Equilibrium-Part B

Auctions-Part A

Auctions-Part B

Technology-Part A

Technology-Part B

Profit Maximization-Part A

Profit Maximization-Part B

Cost Minimization-Part A

Cost Minimization-Part B

Cost Curves-Part A

Cost Curves-Part B

Firm Supply-Part A

Firm Supply-Part B

Industry Supply-Part A

Industry Supply-Part B

Monopoly-Part A

Monopoly-Part B

Monopoly Behavior-Part A

Monopoly Behavior-Part B

Factor Markets-Part A

Factor Markets-Part B

Oligopoly-Part A

Oligopoly-Part B

Game Theory-Part A

Game Theory-Part B

Game Applications-Part A

Game Applications-Part B

Behavioral Economics-Part A

Exchange-Part A

Exchange-Part B

Production-Part A

Production-Part B

Welfare-Part A

Welfare-Part B

Externalities-Part A

Externalities-Part B

Information Technology-Part A

Information Technology-Part B

Public Goods-Part A

Public Goods-Part B

Asymmetric Information-Part A

Asymmetric Information-Part B

Filters

In Problem 5,the demand function for drangles is given by D(p)= (p - 1) ^- ².If the price of drangles is $20,then the price elasticity of demand is

In Problem 5,the demand function for drangles is given by D(p)=(p+1) ^- ².If the price of drangles is $8,then the price elasticity of demand is