ECNS 301 Quiz 1
If the demand for oranges is written as Q = 100 - 5p, then the inverse demand function is Question options: 1) Q = 20 - .2p. 2) p = 20 - .2Q. 3) Q = 5p - 100. 4) p = 20 - 5Q.
2
If the price of automobiles were to decrease substantially, the demand curve for public transportation would most likely Question options: 1) shift rightward. 2) shift leftward. 3) remain unchanged. 4) remain unchanged while quantity demanded would change.
2
Suppose the demand for widgets is given by QD = 100 - 5p - pd + 2I, where I is average consumer income, p is the price of lemons, and pd is the price of doodads. According to this equation, doodads are a(n) ________ for widgets. Question options: 1) substitute 2) complement 3) input 4) None of these
2
The demand for pizzas in a large town is written as: Qd = 120 - 10P + 5Pb - 0.5Ps - 10Y, where Qd is the quantity demanded, P is the price, Pb is the price of burritos, Ps is the price of soft drinks sold in the pizza restaurants, and Y is personal income per month (in thousand dollars). If there is a $1,000 increase in personal income, how will the Qd change? Question options: 1) increase by 10 2) decrease by 10 3) unchanged 4) not enough information provided
2
The term "inverse demand curve" refers to Question options: 1) the demand for "inverses." 2) expressing the demand curve in terms of price as a function of quantity. 3) a demand curve that slopes upward. 4) the difference between quantity demanded and supplied at each price.
2
As the price of a good increases, the change in the quantity demanded can be shown by Question options: 1) shifting the demand curve leftward. 2) moving down along the same demand curve. 3) moving up along the same demand curve. 4) shifting the demand curve rightward.
3
If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely Question options: 1) become steeper. 2) become flatter. 3) shift leftward. 4) shift rightward.
3
The demand curve for Widgets is given by QD = 6000 - 2y - 200p + 30pG, where QD is the quantity of widgets demanded, y is the per capita income and pG is the price of Gizmos. An increase in per capita income will cause Question options: 1) movement along the demand curve. 2) demand shifts right. 3) demand shifts left. 4) demand increases.
3
The demand for pizzas in a large town is written as: Qd = 120 - 10P + 5Pb - 0.5Ps - 10Y, where Qd is the quantity demanded, P is the price, Pb is the price of burritos, Ps is the price of soft drinks sold in the pizza restaurants, and Y is personal income per month (in thousand dollars). What is ∆Q/∆Ps? Question options: 1) 0.5 2) 5 3) -0.5 4) -5
3
Suppose the demand for Digital Video Recorders (DVRs) is given by Q = 250 - .25p + 4pc, where Q is the quantity of DVRs demanded (in 1000s), p is the price of a DVR, and pc is the price of cable television. How much does the quantity demanded for DVRs change if the p rises by $40? Question options: 1) increases by 4,000 DVRs 2) increases by 16,000 DVRs 3) drops by 10,000 DVRs 4) drops by 2,500 DVRs
3 drops
If the price of automobiles were to decrease substantially, the demand curve for automobiles would most likely Question options: 1) shift rightward. 2) shift leftward. 3) become steeper. 4) remain unchanged.
4
An increase in the demand curve for orange juice would be illustrated as a Question options: 1) rightward shift of the demand curve. 2) movement down along the demand curve. 3) movement up along the demand curve. 4) leftward shift of the demand curve.
1
An increase in the price of pork will lead to Question options: 1) a movement up along the demand curve of pork. 2) a rightward shift of the demand curve of pork. 3) a leftward shift of the demand curve of pork. 4) a movement down along the demand curve of pork.
1
Consider the demand function Qd = 150 - 2P. The effects of other determinants of Qd is reflected in Question options: 1) the intercept of the function. 2) the slope of the function. 3) neither the slope nor the intercept of the function. 4) in both the slope and the intercept of the function. Question 71 / 1 point
1
Suppose the demand for Digital Video Recorders (DVRs) is given by Q = 250 - .25p + 4pc, where Q is the quantity of DVRs demanded (in 1000s), p is the price of a DVR, and pc is the price of cable television. How much does Q change if the price of cable changes slightly (i.e. the partial derivative of demand with respect to pc)? Question options: 1) 4 2) .25 3) 4.25 4) 125
1
The above figure shows a graph of the market for pizzas in a large town. No pizzas will be demanded unless price is less than Question options: 1) $14. 2) $5. 3) $0. 4) $12.
1
The demand for pizzas in a large town is written as: Qd = 120 - 10P + 5Pb - 0.5Ps - 10Y, where Qd is the quantity demanded, P is the price, Pb is the price of burritos, Ps is the price of soft drinks sold in the pizza restaurants, and Y is personal income per month (in thousand dollars). We can conclude that burritos and pizzas are Question options: 1) substitutes. 2) unrelated. 3) normal goods. 4) complements.
1
To determine the total demand for all consumers, sum the quantity each consumer demands Question options: 1) at a given price. 2) at all prices and then sum this amount across all consumers. 3) Both at a given price and at all prices and then sum this amount across all consumers will generate the same total demand. 4) None of these.
1