econ1001 online quiz!! (2 Viewers)

[SeCKSiiMiNh]

I thought it was b... but then that would mean supply decreases, price would increase and essentially demand would decrease? ... is that even right?

not sure lol,

but i love your avatar

 

[icecoffee]

LOL thanks. Your sig is rather distracting... but it made me lol.

hmm ok what about Q1? i got d?

 

[SeCKSiiMiNh]

LOL thanks. Your sig is rather distracting... but it made me lol.

hmm ok what about Q1? i got d?

yep

 

[icecoffee]

Awesome. *sigh* this quiz was harder than i thought it was gonna be >_<

 

[SeCKSiiMiNh]

Awesome. *sigh* this quiz was harder than i thought it was gonna be >_<

lol are you almost done? i still have about 6 more to go

 

[icecoffee]

Yeah I've looked through them all, unsure about some of them though.

 

[roookie]

Shaare your answers with meee

 

[SeCKSiiMiNh]

16 i got d. wbu?

 

[icecoffee]

I thought it was a. Wouldn't an increase in price cause quantity demanded to fall?

 

[SeCKSiiMiNh]

I thought it was a. Wouldn't an increase in price cause quantity demanded to fall?

aww shit

 

[SeCKSiiMiNh]

17b, 19 e

please tell me you got those

 

[icecoffee]

hmmm 17 i got c? 1.86 is the elasticity of demand i think, but b says elasticity of supply.

19 i put e as well... no idea what's going on there lol

 

[konkzz]

how about 8 and why?

 

[roookie]

I got 17 c as well

What's Q 2 & 3 :\ Is it just me or are those questions ridiculous.

 

[SeCKSiiMiNh]

fuck this is hard

is 11d?

 

[SeCKSiiMiNh]

I got 17 c as well

What's Q 2 & 3 :\ Is it just me or are those questions ridiculous.

i got:
2c
and 3e

 

[konkzz]

yep 11 d, 8?

 

[SeCKSiiMiNh]

hmmm 17 i got c? 1.86 is the elasticity of demand i think, but b says elasticity of supply.

19 i put e as well... no idea what's going on there lol

u sure about 17?

price elasticity of demand = change in qty/ avg of old + new qty DIVIDED BY change in $ / avg of old + new price

at $80, the qty is 1, and at $50, the qty is 2.5

1 - 2.5/ 1.75 divided by 30/65 = -1.86

 

[roookie]

i got:
2c
and 3e

i got 2c, but i thought 3 was b

but how can 3 be e, i.e. both a & c? isnt the opportunity cost of selling for $120,000 forgoing $10,000 and not $130,000??

 

[konkzz]

8???