ECON 2001.01 Study Guide - Quiz Guide: E-Reader, Midpoint Method, Substitute Good

• School: Ohio State University
• Department: Economics
• Course: ECON 2001.01
• Professor: All

Document Summary

On your scantron: under name clearly fill out your last name then your first name; then bubble in the correct letters. You have 60 minutes to finish the quiz. When you are done with your quiz, you must hand in your scantron and this page (please write your name). There are 30 questions total on this quiz. Using the midpoint method, the cross-price elasticity of demand is: -1. 0, and x and y are substitutes, -1. 0, and x and y are complements, 1. 0, and x and y are substitutes, 1. 0, and x and y are complements. The equilibrium price and quantity, respectively, are: and 50 units, and 30 units, and 30 units, and 60 units. Suppose the figure shows the market demand for big box e-readers. Suppose the price of the leading competitor"s e-readers, a substitute good, decreases. Suppose abby, brandi, carrie, and deedee are the only four buyers in the market.