4 Econ 101 Questions

1.

The price elasticity of demand for keyboards is 2.2. If the percentage change in quantity demanded is 50% and the average price is $10, what is the change in price? Work with 6 decimal places and round your final answer to 2 decimal places, if necessary. Do not enter the comma "," or a dollar sign ($) while entering your answer. The following table indicates the demand schedules for four types of consumers: A, B, C, and D, and the number of consumers in each group (top row). The quantity demanded by each type of consumer (QA, Q3, Q3, and Q0) is shown for market prices ranging from $10 to $4. What is the market quantity demanded at a market price of $5? Number of consumers: A=210 B=270 C=280 D=160 Market Price GA 03 QC QD $10 0 O 1 1 9 0 1 2 3 8 1 3 3 5 7 2 5 4 8 6 3 7 5 11 5 4 9 6 15 4 5 11 7 20 Do not enter comma or dollar sign ($) while entering your answer. The law of supply states that there is relationship between the price and . Thus, as the price increases, . According to the law of supply, as the price of the good increases, it causes The graph below describes the current market conditions in a local market for apples. 20- S 16- 12- Price per carton D 10 20 30 50 Thousands of cartons per week At a price of $8 per carton, there will be a of per week. This will cause the price to As the price it will cause the and + moving the market closer to equilibrium