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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$22.12
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ECON 1000 - Introduction to Microeconomics 2024 – 2025 ECON 1000 Midterm Exam 2 Review (multiple choice) Questions with Verified Solutions | 100% Pass Guaranteed | Graded A+ |
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ECON 1000 - Introduction to Microeconomics 2024 – 2025 ECON 1000 Midterm Exam 2 Review (multiple choice) Questions with Verified Solutions | 100% Pass Guaranteed | Graded A+ |

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  • October 18, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
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  • econ 1000 midterm exam 2 review
  • econ 1000 introduction to microeconomics

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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!

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, 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

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, 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>>



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