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Refer to the information provided in Figure 5.2 below to answer the questions that follow. $4 10 A B 8 Price 6 C E 4 F N 1 2
Refer to Figure 5.2. If the price of a hamburger is increased from $6 to $8, the price elasticity of demand equals Use the mi
Free entry implies that the government regulates the number of firms it allows in an industry. if an industrys existing firm
Refer to the information provided in Figure 2.4 below to answer the questions that follow. Hybrid cars Motorcycles Figure 2.4
Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by an increase in economic growth. a
MC 10 ATC 8 Price and cost (dollars per radio) D 2 MR 0 20 40 09 80 100 Quantity (units per day)
For the monopoly shown in the figure above, the profit maximizing price is $3.00. less than $1.00. $4.00. $6.00
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Answer #1

1. c. -1.4
(P1=6; Q1 = 3; P2 = 8; Q2 = 2
Ed = \frac{Q2-Q1}{P2-P1}\times \frac{P2+P1}{Q2+Q1} = \frac{2-3}{8-6}\times \frac{8+6}{2+3} = \frac{-1}{2}\times \frac{14}{5} = -1.4 )

2. b. if an industry's ...... enter the industry.
(Free entry means that more firms can easily enter if they see economic profits.)

3. b. a change in society's preferences ....
(As its just a movement from one point to another along the PPF so the preferences have changed.)

4. d. $6
(Profit maximizing quantity is 40 where MR = MC. 40 units are demanded at P = 6.)

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