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Mizzou Econ 3251 Final Exam With Complete Solutions 100% Correct
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Mizzou Econ 3251 Final Exam With Complete Solutions 100% Correct...
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Mizzou Econ 3251 Final Exam With CompleteSolutions 100% Correct
Society faces trade-offs because of - ANSWER scarcity
a market does what - ANSWER allows interactions between consumers and firms
the purpose of making assumptions in economic model building is to - ANSWER simplify
the model while keeping important details
If an important assumption is omitted from an economic model - ANSWER the models
predictions may be inaccurate
What is a good example of a normative statement - ANSWER to make the good available
to more people, a lower price should be set.
Human resource managers do what - ANSWER design compensation systems to
encourage employees to work hard.
The supply-and-demand model is appropriate in which of the following markets -
ANSWER Wheat
Consumers have been buying fewer CDs as downloadable music has become easier to
purchase and use. We would represent this as - ANSWER a leftward shift of the demand
curve for CDs
Recently, many cities have attempted to pass laws taxing the sale of sugary drinks such
as soda. If one of these laws passes, we would expect - ANSWER the demand curve for
soda to shift to the left
, A downward sloping demand curve indicates - ANSWER that individuals have different
valuations of the same product
Which of the following would NOT change demand? - ANSWER the price of a product
If a demand curve shift left, it implies - ANSWER as a group, consumers are willing and
able to pay less for a product
Suppose the demand curve for a good shift rightward, causing the equilibrium price to
increase. This increase in the price of the good results in - ANSWER an increase in
quantity supplied.
If Qs= -20 + 10p, and Qd= 400 - 20p, what is the equilibrium price - ANSWER 14
If Qs= -20 + 10p, and Qd= 400 - 20p, what is the equilibrium quantity - ANSWER 120
If the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from
10,000 slices to 7,400 slices, calculate teh arc price elasticity. - ANSWER -1.64
If the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from
10,000 slices to 7,400 slices, using the formula for arc price elasticity what is the
percentage change in quantity? - ANSWER -28.89%
If the demand curve for slices of pizza is given as Q = 300- 16p, then the point elasticity
of demand when price is $1.50 is - ANSWER -0.0087
If the price of orange juice rises 10%, and as a result, the quantity demanded falls by 8%,
the price elasticity of demand for the orange juice is - ANSWER -0.80
If the demand function for orange juice is expressed as Q = 2000 minus− 500p, where Q
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