ECON 312 Principles of Economics Week 2 Discussions and Quiz Devry

QUESTION

ECON 312 Principles of EconomicsWeek 2Week 2 Discussion Demand, Supply, and Market EquilibriumThink about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically?Week 2 Quiz(TCO 2) Economists use the term “demand” to refer to(TCO 2) Which of the following would not shift the demand curve for beef?(TCO 2) Which of the following is most likely to be an inferior good?(TCO 2) Which of the following would mostly likely increase the demand for gasoline?(TCO 2) The supply curve shows the relationship between(TCO 2) The price elasticity of demand is generally(TCO 2) Suppose the price of local cable TV service increased from $16.20 to $19.80, and as a result, the number of cable subscribers decreased from 224,000 to 176,000. Use the Midpoint formula to find the answer. Along this portion of the demand curve, price elasticity of demand is(TCO 2) A firm can sell as much as it wants at a constant price. Demand is thus(TCO 2) The demand schedules for such products as eggs, bread, and electricity tend to be(TCO 2) The demand for autos is likely to be(TCO 2) What is the Law of Supply? Why does the supply curve slope upwards?(TCO 2) Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 widgets. Calculate your price elasticity of demand of widgets. What can you say about your price elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic? Why? Use the Midpoint formula and please show your work.

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