Nicolas Di Terlizzi

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Quiz Homework Micro
2016: Nicolas Di
Quiz by 2016: Nicolas Di, updated more than 1 year ago
2016: Nicolas Di
Created by 2016: Nicolas Di almost 9 years ago
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Resource summary

Question 1

Question
What is the definition of an inferior good?
Answer
  • Good that happens when demand falls an income rises; vice versa.
  • Good that happens when demand increases and income increases as well; vice versa.

Question 2

Question
What type of goods are considered elastic goods?
Answer
  • Normal luxuries and normal necessities
  • Normal luxuries and superior goods

Question 3

Question
What is the formula for XeD?
Answer
  • %change in qty demanded for product x/ %change in price for product y
  • %change in qty demanded/ %change in income

Question 4

Question
What is the formula for PeD?
Answer
  • %change in qty demanded/ %change in price
  • %change in qty demanded/%change in income

Question 5

Question
What shifts PeS?
Answer
  • Stocks, Capital labor, Capacity and Time
  • Stocks, Capacity, Time and Chance
  • Stocks, Interest Rates, Time and Chance

Question 6

Question
What does a complement represent?
Answer
  • When the increase in demand of good A leads to the increase in demand of good B (If the demand for iphones increases, the demand for iphone cases will also increase).
  • When good A substitutes good B (because price of good A increases, the demand for good B will increase).

Question 7

Question
What would be an inelastic good?
Answer
  • Normal necessities
  • Macbook Pro
  • Tickets for a soccer match
  • Short-distance flights

Question 8

Question
What does a rectangular hyperbole represent?
Answer
  • Unit elasticity along the curve
  • Price elasticity in supply
  • Price elasticity in demand

Question 9

Question
What does it mean when you graph a line in a price elasticity graph, that starts in the y- axis?
Answer
  • Inelastic
  • Elastic
  • Unit Elastic
  • Perfectly inelastic

Question 10

Question
What kind of profit is a firm making when their ATC= their AR?
Answer
  • Supernormal
  • Abnormal
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