Project #2806 - econ 202

Short answers Test 1

1.      With reference to the textbook market at your school, describe market supply and demand in both the new and used book market.

2.      In week one, men’s leather shoes sold for $69/pair. The shoe store ran a special the second week and men’s leather shoes were marked down to $59/pair. Sales rose from 116 pairs to 132 pairs. Assuming all other economic conditions were the same, what is the price elasticity for these shoes? Is demand elastic or inelastic? Explain your answer.

3.      Suppose Suzanne buys potatoes and onions. The MU of the next potato is 104 utils and the MU of the next onion is 88 utils. Potatoes cost $0.44 and onions cost $0.62. She only has money to buy one of them. Which should she buy?

4.      What is the difference between the terms “average total cost” and “marginal cost”? Use these two terms as they would apply to In and Out Burger. 

Subject Business
Due By (Pacific Time) 03/03/2013 12:00 am
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