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Subject
Economics
Date
Jan 9, 2024
Type
Pages
10
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ECON±UA ²
Week ³ recitation
Your names" Teresa Martinez±Laredo´ Samantha Young´ Scarlet Zhan´
Dominic Cappuccino´ KevinµYue¶ Hu´ Medhya Ravishankar´ Kiha Ahn
If your name here differs from your name on Brightspace´ please notify the grader using the comment box on Brightspace·
Part °: Keyword review
Instruction: Write down economics terms that correspond to each of the
following sentences±
●
When the quantity demanded is greater than the quantity supplied´ we have
shortage in the market·
The price will
rise ·
●
When the quantity demanded is equal to the quantity supplied´ the market is in
equilibrium·
●
When the quantity demanded is less than the quantity supplied´ we have
surplus in the market· The
price will
fall ·
●
Price elasticity of demand is equal to the percentage change in
quantity demanded divided by the
percentage change in
price
·
Part °: Keyword review ²cont±³
●
When the price elasticity of demand is zero´ we say that the demand is
perfectly inelastic ·
●
When the price elasticity of demand is less than ²´ we say that the demand is
inelastic·
●
When the price elasticity of demand is equal to ²´ we say that the demand is
unit elastic ·
●
When the price elasticity of demand is greater than ²´ we say that the demand is
elastic ·
●
When the price elasticity of demand is infinity´ we say that the demand is
perfectly elastic demand ·
●
If the good has no close substitutes available´ the elasticity of demand is
less
elastic·
●
If the good is a necessity´ the elasticity of demand is
inelastic ·
●
If the scope of the market is large´ the elasticity of demand is
less elastic ·
●
If the time horizon is long´ the elasticity of demand is
more elastic ·
Part ´: News analysis
Read the newspaper article below about panic buying during the pandemic and
answer the following questions·
https"¸¸www·bbc·com¸news¸world±australia±¹²º»²³¼¼
●
What happens to the demand and supply of toilet paper" Draw a graph and explain·
●
What drives the change you observed in the previous question" Clearly explain your answer·
●
What happens to the equilibrium price and quantity of toilet paper"
●
How would you describe the elasticity of demand of toilet paper" Justify your answer·
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Related Questions
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x Page 34 Textbook PPF Q&A-Sul x
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Multiple-ChOice Questions
1. To an economist, the cost of going to a movie on
Friday night would include
a. the price of the ticket.
b. the price of snacks while watching the
movie.
C. the value of the activity you could have done if
you did not go to the movie.
d. all of the above.
Use the figure provided to answer the following four
questions.
Quantity of guns
(units)
1,000
900
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6. Write four differences between Microeconomics and Macroeconomics?
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13. Which of the following is a normative statement?
a)
Neil Armstrong was the first man ever to walk on the moon
b)
The Space Shuttle Columbia exploded in 2003 when it was re-entering the Earth's atmosphere
c)
NASA should send a shuttle to Mars to do more research on the planet.
d)
The International Space Station is a joint collaboration between many countries, including the United States of
America, Japan and Canada.
arrow_forward
Graphically demonstrate how the following economic events influence (ceteris paribus) the relevantsupplyfunction. Label your axes, and specify the market you are discussing.
(a) Strong profits in the market for cyber security attract new firms.
(b) Low-cost energy reduces the expense of producing and storing ice cream
arrow_forward
Can you show me how the curve graph works. I am confused about the math in getting the answers. Thank you
arrow_forward
For Question 2 there is a typo. It is supposed to say consider Ronald from question 1. Both question 1 and 2 are provided, i would appreciate if someone could complete them as soon as possible. Also this is not a graded question from an exam, it is homework l have been given although l did not purchase the textbook so cant get the solutions for it.
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Safari
File
Edit
View
History
Bookmarks
Window
Help
Sat Oct 30 2:29 PM
ng.cengage.com
+ 88
Concordia-Chicago | Concordia Univer...
Home - cuchicago.edu
Bb Course Content – Foundations of Econ...
X MindTap - Cengage Learning
b My Questions | bartleby
Maria v
«
CENGAGE MINDTAP
Q Search this course
A My Home
Refresh Your Math & Graphing Skills
Courses
The graph below plots the firm's total revenue curve: that is, the relationship between quantity and total revenue given by the two right columns in
the table above. The five choices are also labeled. Finally, two black lines are shown; these lines are tangent to the green curve at points B and D.
Catalog and Study Tools
A-Z
Rental Options
College Success Tips
Career Success Tips
90
RECOMMENDED FOR YOU
81
72
63
54
D
Communicating with Your
bongo
Instructor
45
36
? Help
27
Give Feedback
18
A
100
200
300
400
500
600
700
800
QUANTITY (Dishwashers per year)
ОСТ
30
étv
280
W
TOTAL REVENUE (Thousands of dollars per year)
圖
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l TEW G
3:51 AM
Jasmond King...
Economics
H8 Social fnudies
Lnit 01 Lesson: 01
Basic Economic Problem Graphic Organizer
1
e2010, TESCCC
07010
page 12 of 26
arrow_forward
96
1L1
X Joh Desmos | Graphing Calculator X
Course Modules: ALG/ADV-Fal X +
e DeltaMath
f → e a deltamath.com/app/student/solve/14949200/solveContextInequalitySystemGraphically
Jan T0, 8:47:32 PM
Watch help video
Jack and his children went into a restaurant where they sell hamburgers for $6 each
and tacos for $2 each. Jack has $30 to spend and must buy at least 8 hamburgers and
tacos altogether. If x represents the number of hamburgers purchased and y
represents the number of tacos purchased, write and solve a system of inequalities
graphically and determine one possible solution.
Inequality 1: y 2 5x + 8
plot
switch shade
Inequality 2: y sv
plot
switch shade
fi
20.
18
15
14
13
12
1.
8.
MacBook
000
F4
000
F3
DD
%23
%24
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Why would you rather use real variables in an economic analysis
arrow_forward
What is proper method in economic analysis and what is the value of economic analysis?
arrow_forward
Present the three marginal equivalencies that are necessary conditions for a general
equilibrium. Use a graph to explain these three marginal equivalencies.
arrow_forward
To an economist, the cost of going to a movie on Friday night would include?
arrow_forward
The graph below is Mendork's production possibility curve for the only two goods
that it produces: quirks and quarks.
Quantity of Quarks
800
700
600
500
400
300
200
100
2 4 6 8 10 12 14 16 18 20
Quantity of Quirks
Note: If the image does not appear, right-click on the placeholder and choose Show picture or
View image.
If Mendork's current production is at point A, what is the (approximate) cost of
producing one more quirk?
a) 50 quarks
B
b) 100 quarks
c) 200 quarks
d) One more quark
e) 25 quarks
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“Considering the nature of economics, it is not advisable to solve an economic problem with economic solution alone”. Explain.
arrow_forward
What is the difference between static and dynamic analysis in economics? When is each appropriate?
arrow_forward
What is the answer to this
arrow_forward
What is the major difference between microeconomics and Marcoeconomics.
I need answer in a comparison way.
arrow_forward
Derive and extensively discuss the equi-marginal principle.When it is in the two commodity cases? What about 3 commodity cases?
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I My courses / PRINCIPLES OF MICROECONOMICS-Lecture-1202- ECON131 - 5/ Chapter 1: Limits, Alternatives, and Choices / QU
Time left 0:24:31
he production possibilities curve below shows the hypothetical relationship between the production of wheat and steel in an
economy.
Турe of
Production Alternatives
production
BCDEF
A
Steel
20
75
80
90
100
Wheat
100
90
75
45
25
If the economy is producing at point E, what is the opportunity cost of producing additional 20 ton of wheat?
O A. 2 tons of steel
O B. 0.5 tons of steel
O C. 10 tons of steel
O D. 20 tons of steel
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- Can you show me how the curve graph works. I am confused about the math in getting the answers. Thank youarrow_forwardFor Question 2 there is a typo. It is supposed to say consider Ronald from question 1. Both question 1 and 2 are provided, i would appreciate if someone could complete them as soon as possible. Also this is not a graded question from an exam, it is homework l have been given although l did not purchase the textbook so cant get the solutions for it.arrow_forwardSafari File Edit View History Bookmarks Window Help Sat Oct 30 2:29 PM ng.cengage.com + 88 Concordia-Chicago | Concordia Univer... Home - cuchicago.edu Bb Course Content – Foundations of Econ... X MindTap - Cengage Learning b My Questions | bartleby Maria v « CENGAGE MINDTAP Q Search this course A My Home Refresh Your Math & Graphing Skills Courses The graph below plots the firm's total revenue curve: that is, the relationship between quantity and total revenue given by the two right columns in the table above. The five choices are also labeled. Finally, two black lines are shown; these lines are tangent to the green curve at points B and D. Catalog and Study Tools A-Z Rental Options College Success Tips Career Success Tips 90 RECOMMENDED FOR YOU 81 72 63 54 D Communicating with Your bongo Instructor 45 36 ? Help 27 Give Feedback 18 A 100 200 300 400 500 600 700 800 QUANTITY (Dishwashers per year) ОСТ 30 étv 280 W TOTAL REVENUE (Thousands of dollars per year) 圖arrow_forward
- l TEW G 3:51 AM Jasmond King... Economics H8 Social fnudies Lnit 01 Lesson: 01 Basic Economic Problem Graphic Organizer 1 e2010, TESCCC 07010 page 12 of 26arrow_forward96 1L1 X Joh Desmos | Graphing Calculator X Course Modules: ALG/ADV-Fal X + e DeltaMath f → e a deltamath.com/app/student/solve/14949200/solveContextInequalitySystemGraphically Jan T0, 8:47:32 PM Watch help video Jack and his children went into a restaurant where they sell hamburgers for $6 each and tacos for $2 each. Jack has $30 to spend and must buy at least 8 hamburgers and tacos altogether. If x represents the number of hamburgers purchased and y represents the number of tacos purchased, write and solve a system of inequalities graphically and determine one possible solution. Inequality 1: y 2 5x + 8 plot switch shade Inequality 2: y sv plot switch shade fi 20. 18 15 14 13 12 1. 8. MacBook 000 F4 000 F3 DD %23 %24arrow_forwardWhy would you rather use real variables in an economic analysisarrow_forward
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Recommended textbooks for you
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStaxEssentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage LearningBrief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning