Devry ECO 312 Week 2 Weekly Assignment Latest

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Devry ECO 312 Week 2 Weekly Assignment Latest

<pstyle=”font-family: verdana,=”” arial,=”” sans-serif;=”” font-size:=”” 12px;”=”” style=”box-sizing: border-box; user-select: initial !important;”>TCO 2) Economists use the term “demand” to refer to

a particular price-quantity combination on a stable demand curve..

the total amount spent on a particular commodity over a stipulated time period..

an upsloping line on a graph that relates consumer purchases and product price..

a schedule of various combinations of market prices and quantities-demanded..

Question 2.. Question :

(TCO 2) In the past few years, the demand for donuts has greatly increased.. This increase in demand might best be explained by

an increase in the cost of making donuts..

an increase in the price of coffee..

consumers expecting donut prices to fall..

a change in buyer tastes..

Question 3.. Question :

(TCO 2) Which of the following is most likely to be an inferior good?

Fur coats

Ocean cruises

Used clothing

Steak

Question 4.. Question :

(TCO 2) The demand curve for a product might shift as the result of a change in

consumer tastes..

consumer incomes..

the prices of related goods..

All of these

Question 5.. Question :

(TCO 2) The supply curve shows the relationship between

price and quantity supplied..

production costs and the amount demanded..

total business revenues and quantity supplied..

physical inputs of resources and the resulting units of output..

Question 6.. Question :

(TCO 2) If the demand for bacon is relatively elastic, a 10% decline in the price of bacon will

decrease the amount demanded by more than 10%..

increase the amount demanded by more than 10%..

decrease the amount demanded by less than 10%..

increase the amount demanded by less than 10%..

Question 7.. Question :

(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

0..8

1..2

1..6

8..0

Question 8.. Question :

(TCO 2) The concept of price elasticity of demand measures

the slope of the demand curve..

the number of buyers in a market..

the extent to which the demand curve shifts as the result of a price decline..

the sensitivity of consumer purchases to price changes..

Question 9.. Question :

(TCO 2) The state legislature has cut Gigantic State University’s appropriations.. GSU’s Board of Regents decides to increase tuition fees to compensate for the loss of revenue.. The board is assuming that the

demand for education at GSU is elastic..

demand for education at GSU is inelastic..

coefficient of price elasticity of demand for education at GSU is unity..

coefficient of price elasticity of demand for education at GSU is greater than unity..

Question 10.. Question :

(TCO 2) The demand for a necessity whose cost is a small portion of one’s total income is

perfectly price inelastic..

perfectly price elastic..

relatively price inelastic..

relatively price elastic..

Question 11.. Question :

(TCO 2) What is the Law of Supply? Why does the supply curve slope upwards?

Question 12.. Question :

(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..

 

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Devry ECO 312 Week 2 Weekly Assignment Latest