Question 1 Not yet answered Points out of 1.00 Consider the market for laptops. Suppose that, due to a microchip shortage, laptop prices increased from $1,800 to $2,000. Over the same time period, laptop sales to consumers have decreased from 734,000 to 700,000 units. One way to calculate the elasticity of demand from these two points is to use the midpoint method (as discussed in the online lecture). Remember, use the absolute value for your answer. Using this method, the elasticity of demand for laptop computers is about: Selectone: a. 1.27 b. 0.79 c. 2.48 d. 0.45 QuestionZ Not yet answered Points out of 1.00 Figure 5 Q 1 P1 Q 2 P2 I 10.8 I 5 l13.9 [4.1 Calculate the price elasticity of demand for the points given above. Remember that these points are from a demand curve, so the elasticity should be a negative number. But you must enter the absolute value of price elasticity. Example: If your result is -0.3466, then you should enter: 0.342 Carry your answer to the 3rd decimal point. Use the midpoint formula as in the previous question. Answer: 'll6 Question 1 Not yet answered Points out of 1.00 Consider the market for laptops. Suppose that, due to a microchip shortage, laptop prices increased from $1,800 to $2,000. Over the same time period, laptop sales to consumers have decreased from 734,000 to 700,000 units. One way to calculate the elasticity of demand from these two points is to use the midpoint method (as discussed in the online lecture). Remember, use the absolute value for your answer. Using this method, the elasticity of demand for laptop computers is about: Selectone: a. 1.27 b. 0.79 c. 2.48 d. 0.45 QuestionZ Not yet answered Points out of 1.00 Figure 5 Q 1 P1 Q 2 P2 I 10.8 I 5 l13.9 [4.1 Calculate the price elasticity of demand for the points given above. Remember that these points are from a demand curve, so the elasticity should be a negative number. But you must enter the absolute value of price elasticity. Example: If your result is -0.3466, then you should enter: 0.342 Carry your answer to the 3rd decimal point. Use the midpoint formula as in the previous question. Answer: 'll6 Question 3 Not yet answered Points out of 1.00 Table 3.1 Output (units per day) Total cost (dollars per day 0 40 10 65 20 97 The marginal cost between 20 and 30 units of output in Table 3.1 is: Select one: a. $1.80 b. $2.30 c. $3.20 d. $0.80 e. $25 Information Use table 3.2 for questions 46 Table 3.2 (HM-AOl |||l|' ' 0 _L Nd TVC E 16 24 AVG 30 120 2'6 Question 4 Not yet answered Points out of 1.00 The total cost of 3 units in the above table is: Note: If your answer is $21.00 then enter 21 Answer: Question 5 Not yet answered Points out of 1.00 The average total cost of 3 units of output in the above table is: Note: If your answer is $21.00 the enter 21 Answer: Question 6 Not yet answered Points out of 1.00 The marginal cost for the lst unit of output in above table is:: Note: If your answer is $21.00 the enter 21 Answer: 3/6 Information Figure 3.3 Use Figure 3.3 for questions 79 ATC Costs (dotlars per unit) 0 100 12:0 Rate of Output (units per time period) 416 Question 7 Not yet answered Points out of 1.00 What is the total cost at 120 units in Figure 3.3? (if your answer is $10,000.32, then round to the nearest dollar and answer in the following format: 10000) Answer: Question 8 Not yet answered Points out of 1.00 What is the variable cost at 120 units in Figure 3.3? (if your answer is $10,000.32, then round to the nearest dollar and answer in the following format: 10000) Answer: Question 9 Not yet answered Points out of 1.00 What is the fixed cost (FC) at 100 units in Figure 3.3? (if your answer is $10,000.32, then round to the nearest dollar and answer in the following format: 10000) Answer: 5/6 Question 10 Not yet answered Points out of 1.00 Demand is considered elastic if elasticity is Select one: a. less than 1 b. equal than 1 c. equal to 0 d. greater than 1 e. equal to 100 6/6