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ECS2601 ASSESSMENT 3 (215605) SEMESTER 2 2023 MICROECONOMICS
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A price increase for salt is likely to lead to a Small income effect, small substitution effect.
Select one:
True
False
Average total cost reaches a minimum where it intersects average variable cost.
Select one:
True
False
Consider the following demand and supply functions:
Demand: Qd = 300 – 15P.
Supply: Qs = –150 + 60P.
What is the equilibrium price and output?
a.
P = R2 and Q = 540.
b.
P = R10 and Q = 150.
c.
P = R6 and Q = 210.
d.
P = R3.33 and Q = 200.
Question text
Suppose the price of flour, an ingredient used to make bread, increases. Which of the following
is true regarding the price and the quantity supply of bread.
a.
There will be an increase in the price of bread and an increase in the quantity supplied.
b.
There will be an increase in the price of bread and a decrease in the quantity supplied.
c.
There will be an increase in the price of bread and no change in the quantity supplied.
d.
There will be no effect on the price of bread and quantity supplied.
If a 2 percent increase in the price of ice cream causes a 4-percent decrease in the quantity
demanded, what is the elasticity of demand?
a. -0.5
b. -2
c. 2
d.0.5
Question text
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