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1. According to the law of demand, ceteris paribus,
The quantity demanded increases at lower prices.
A consumer will purchase more of a good at higher prices than at lower prices.
Price and quantity supplied are directly related.
The responsiveness of consumer demand to a change in the price of a good is measured by the price elasticity of demand.
2. The law of supply implies that
A change in a determinant of demand shifts the supply curve.
Supply curves are upward-sloping to the right.
Supply curves are downward-sloping to the right.
Supply curves are flat.
In explaining the 2003 bill to cut taxes, President Bush is quoted as saying, “When people have more money, they can spend it on goods and services.” In the IS–LM model, will a tax cut change the money supply in the economy? Explain.
Brunner and coauthors (2001) studied home ownership and median incomes in different California communities and their connection with voting on a proposal to promote school choice. What does this fact suggest about the likely net benefits of the propo..
The university is seeking a grant to cover capital costs. How big of a grant would make this project worthwhile (to the university).
You have learned that a monopolist is a price-setter which charges a price above marginal cost. Provide BOTH and argument for and then an argument against government regulation of a monopoly.
The following information is for the US economy in 1998: Find the US labor force, the number unemployed and the unemployment rate for 1998. Numbers are in millions. Hint: start with population and kick out all those not in the labor forces.
When the output is a service rather than a good, it sometimes is difficult to quantify this service. Furthermore, the quality of a service is often as important (if not more important) than the quantity. In the field of education, in obvious quantita..
In this exercise, I will show you how to plot some indifference curves for the utility function u(x, y) = xy. Carefully read and follow these steps. For each of the values x = 1, 2, 3, 4, 5, find the corresponding value of y such that u(x, y) = 5. Pl..
Firms in the market for soccer balls are selling in a purely competitive market. A firm in the soccer ball market has an output of 5,000 balls, which it sells for $10 each. At the output level of 5,000 the average variable cost is $6.00, the average ..
Describe the effects of the sugar quota. In 2005, imports were limited to 5.3 billion pounds, which pushed the domestic price to 27 cents per pound. Suppose imports were expanded to 10 billion pounds. What would be the new U.S. domestic price? How mu..
What are some of the main advantages and disadvantages of the extensive financial and commercial networks linking nations today?
You compete with many firms offering similar products (monopolistic competition). An economic consulting firm has estimated the own-price elasticity for your most profitable product is -1.50. Your marginal cost is constant at $75 across most of your ..
Two physical therapy firms want to merge. The price elasticity of demand for physical therapy is -0.40. Firm A has a volume of 10,400, fixed costs of $50,000, marginal costs of $20, and a market share of 8%. What are the total costs, prices, revenues..
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