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Microeconomics Exam 2 Practice Questions KEY
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Microeconomics Exam 2 Practice Questions KEY
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Microeconomics Exam 2 Practice Questions KEY
Chapter 5: Elasticity
2. Identify elasticity
a. Perfectly inelastic
b. Perfectly elastic
c. Relatively inelastic
d. Relatively elastic
e. Relatively elastic
f. Relatively inelastic
g. Relatively elastic
h. Relatively inelastic
3. Over time, both become flatter/ more horizontal because both become more elastic
4.
c. Restaurant dinners are normal goods (because �@ is positive). Frozen lasagna dinners are
an inferior good (because �@ is negative).
d. Restaurant dinners are a luxury because the �@ > 1
6. Positive �C means the 2 goods are substitutes
7. To increase TR
d. Decrease price- demand is elastic
8. Because of the invers...
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