不不@O ll 82% 09:37ECO 101 INTRODUCTION TO ECONOMICS 1 ÖĞRECO 101 INTRODUCTION TO ECONOMICS 1FINAL EXAM 25/01/2021 8:30 – 10:001.Use the following figure to work.FIGUR E 3.4Problems 18 and 1916141210100200300400Quantity (pizzas per day)a. Label the curves. Which curve shows the willingness to pay for a pizza?b. If the price of a pizza is $16, is there a shortage or a surplus and does the price rise or fall?c. Sellers want to receive the highest possible price, so why would they be willing to accept less than $16a pizza?d. If the price of a pizza is $12, is there a shortage or a surplus and does the price rise or fall?e. Buyers want to pay the lowest possible price, so why would they be willing to pay more than $12 for apizza?2. The table sets out the supply schedule of jeans.PriceQuantity supplied(millions ofa. Calculate the elasticity of supply when the price rises from $125to $135 a pair.(dollarsper pair)pairs per year)b. Calculate the elasticity of supply when the average price is $12512024a pair.12528c. Is the supply of jeans elastic, inelastic, or unit elastic?1303213536Price (dolars pe pizo)

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16 14 12 10 300 Quantity (pizzas per day) 100 200 400 fa. Label the curves. Which curve shows theſwillingness to pay for a pizza? b. If the price of a pizza is $16, is there a shortage or a surplus and does the price rise or fall? c. Sellers want to receive the highest possible price, so why would they be willing to accept less than $16 a pizza? Price (dollars per pizza)

16 14 12 10 300 Quantity (pizzas per day) 100 200 400 fa. Label the curves. Which curve shows theſwillingness to pay for a pizza? b. If the price of a pizza is $16, is there a shortage or a surplus and does the price rise or fall? c. Sellers want to receive the highest possible price, so why would they be willing to accept less than $16 a pizza? Price (dollars per pizza)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.2P

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