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Practice Questions and Answers from Lesson I -4: Demand ...
seaver-faculty.pepperdine.eduPractice Questions and Answers from Lesson I -4: Demand and Supply 1 Practice Questions and Answers from Lesson I -4: Demand and Supply The following questions practice these skills: Describe when demand or supply increases (shifts right) or decreases (shifts left). Identify a competitive equilibrium of demand and supply.
Practice Questions and Answers from Lesson I -7 ...
seaver-faculty.pepperdine.eduPractice Questions and Answers from Lesson I -7: Elasticity . 5 . choice but to buy this book.” d. “I always spend a total of exactly $10 per week on coffee.” Answer to Question: a. This statement says that a 10% increase in price reduces the quantity demanded by 50%. That is, the price elasticity of demand is -50%/10% = -5 . So demand is ...