# ECONS 312 Week 2 Quiz New

ECONS 312 Week 2 Quiz New

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ECONS 312 Week 2 Quiz New

1. (TCO 2) Economists use the term “demand” to refer to

2. (TCO 2) Which of the following would not shift the demand curve for beef?

3. (TCO 2) If X is a normal good, a rise in money income will shift the

4. (TCO 2) Suppose that tacos and pizza are substitutes and that soda and pizza are complements. We would expect an increase in the price of pizza to

5. (TCO 2) Increasing marginal cost of production explains

6. (TCO 2) The price elasticity of demand is generally

7. (TCO 2) Suppose the price of local cable TV service increased from \$16.20 to \$19.80, and as a result, the number of cable subscribers decreased from 224,000 to 176,000. Use the Midpoint formula to find the answer. Along this portion of the demand curve, price elasticity of demand is

8. (TCO 2) A firm can sell as much as it wants at a constant price. Demand is thus

9. (TCO 2) If the University Chamber Music Society decides to raise ticket prices to provide more funds to finance concerts, the Society is assuming that the demand for tickets is

10. (TCO 2) The demand for autos is likely to be

11. (TCO 2) What is the Law of Demand? Why does the demand curve slope downwards?

12. (TCO 2) Suppose the price of widgets rises from \$5 to \$7 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