100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECON 1000 - Introduction to Microeconomics 2024 – 2025 ECON 1000 Midterm Exam 2 Review (multiple choice) Questions with Verified Solutions | 100% Pass Guaranteed | Graded A+ | CA$21.56   Add to cart
Quickly navigate to
Preview
  2.  
  3. York University (Ebor )
  4.  
  5. Faculty Of Liberal Arts & Professional Studies (LA
  6.  
  7. ECON 1000 - Introduction to Microeconomics

Exam (elaborations)

ECON 1000 - Introduction to Microeconomics 2024 – 2025 ECON 1000 Midterm Exam 2 Review (multiple choice) Questions with Verified Solutions | 100% Pass Guaranteed | Graded A+ |
 9 views  0 purchase

ECON 1000 - Introduction to Microeconomics 2024 – 2025 ECON 1000 Midterm Exam 2 Review (multiple choice) Questions with Verified Solutions | 100% Pass Guaranteed | Graded A+ |

Preview 3 out of 20  pages

Document information

  • October 18, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • econ 1000 midterm exam 2 review
  • econ 1000 introduction to microeconomics

Written for

All documents for this subject (12)

Seller

avatar-seller
YourAssignmentHandlers

Reviews received

Content preview

York University
Toronto, Ontario, Canada

ECON 1000 - Introduction to Microeconomics
ECON 1000 Exam

Course Title and Number: ECON 1000 - Introduction
to Microeconomics
Exam Title: ECON 1000 Exam
Exam Date: Exam 2024- 2025
Instructor: [Insert Instructor’s Name]
Student Name: [Insert Student’s Name]
Student ID: [Insert Student ID]

Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
have completed the Exam.
6. This test has a time limit, The test will save and submit
automatically when the time expires
7. This is Exam which will assess your knowledge on the course
Learning Resources.


Good Luck!

Need Writing Help? We've Got You Covered! ✍️
100%
NO AI or Plagiarism Usage Guaranteed🎯
💬 Chat with us here: 📧 Hybridgrades101@gmail.com

, ECON 1000 - Introduction to Microeconomics 2024 –
2025 ECON 1000 Midterm Exam 2 Review (multiple
choice) Questions with Verified Solutions | 100% Pass
Guaranteed | Graded A+ |

Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -

Suppose price of ice cream increased from $4 to $5 and
quantity demanded fell from 100 to 80. Then
percentage changes in price and quantity demanded
are, respectively:
a. 20% and 20%
b. 25% and 20%
c. 1% and 20%
d. 4% and 5% - Answer>> b. 25% and 20%

Based on your answer to the previous question,
calculate elasticity of demand.
a. 0.8
b. 1.0
c. 1.25
d. 2 - Answer>> a. 0.8

percent change formula - Answer>> % change = [(new-
old)/old] * 100%

Let's reverse the direction. Suppose price of ice cream
decreased from $5 to $4 and quantity demanded
increased from $80 to $100. Then elasticity of demand
is:
a. 0.8
b. 1.0

Need Writing Help? We've Got You Covered! ✍️
100%
NO AI or Plagiarism Usage Guaranteed🎯
💬 Chat with us here: 📧 Hybridgrades101@gmail.com

, c. 1.25
d. 2 - Answer>> c. 1.25

Price elasticity of demand - Answer>> A measure of how
sensitive/responsive consumers are to the changes in
price

Elasticity of demand - Answer>> measures percentage
change in quantity demanded as a result of a
percentage change in price

Formula for price elasticity of demand - Answer>> Price
elasticity of demand = (percentage change in quantity
demanded) / (percentage change in price)

We say that demand is price elastic if its price elasticity
of demand is ______ (in absolute value) than 1 -
Answer>> Larger

Demand is price inelastic if its price elasticity of
demand is _____ (in absolute value) than 1 - Answer>>
Smaller

Demand is unit price elastic if the price elasticity of
demand is _____________. - Answer>> Exactly equal to
(negative) 1

Why do we use the midpoint formula? - Answer>> To
avoid the confusion of whether we are going from A to
B or B to A: we use the average of A and B in the
denominator instead of choosing one term.

The midpoint formula - Answer>>



Need Writing Help? We've Got You Covered! ✍️
100%
NO AI or Plagiarism Usage Guaranteed🎯
💬 Chat with us here: 📧 Hybridgrades101@gmail.com

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller YourAssignmentHandlers. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$21.56. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73216 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$21.56
  • (0)
  Add to cart