Determine which scenario below is an example of own-price elasticity.

Tom, a construction foreman, will buy 100 sheets of plywood when the price is $12 per sheet.

He will buy 150 sheets of plywood when the price drops to $10 per sheet.

Which economic concept below is NOT present on the graph shown here?

Change in income

Select the statement that is unlikely to happen when Miguel scales down

from 40 to 25 hours per week, thus lowering his income.

Miguel’s budget constraint will shift outward.

Jim usually goes to the movies with friends on Friday nights at the local movie

theater. This week, the movie theater held over the movie, Anchorman 2, which Jim

saw last week. Jim and his buddies decide to go bowling rather than attend the

movie a second time.

Which of the following best describes why Jim decided to go bowling this

weekend?

Diminishing marginal returns

As the women's soccer coach, Karissa was in charge of choosing and ordering

uniforms. Since the knee socks and shin guards had a unique matching logo, Karissa

only ordered from one particular company. When she ordered them three years ago,

the knee socks were $5 per pair, and the shin guards were $7 per pair. Karissa

ordered 15 pairs of knee socks and 15 pairs of shin guards.

Now the price of the shin guards hasn't changed, but knee socks were $7 per pair.

Karissa decided she would only buy 10 pairs of shin guards this year.

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Using the mid-point formula, the cross-price elasticity for the shin guards

is __________.

-1.2

The idea that a consumer must be able to evaluate all of the choices

offered fulfills the assumptions of which of the following, related to

preference behavior?

Completeness

A popular clothing website sold five units of a dress when the price was $300 and

20 units when the price was marked down to $100.

What is the own-price elasticity of demand for the dress using the

midpoint formula?

-1.2

Which of the following is true regarding indifference curves?

The budget constraint will pivot out along the axis with ride tickets.

What does point D on this graph represent?

A choice that would result in income left over

Which of the following is true if two indifferences curves cross each other

on a preference map?

The curves would represent two different individuals.

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