Font size
WorksheetsBasic Microeconomics
Total questions: 33
Worksheet time: 23mins
It is an economics concept that measures the responsiveness of one variable to changes in another variable.
Elastic
Inelastic
Elasticity
Inelasticity
A place or situation wherein it brings together buyers and sellers of goods or services.
Market
Economy
Marketplace
Economics
Decisions about what products are available and at what prices are determined through the interaction of supply and demand is made.
Market place
Market demand
Market supply
Market Economy
The law of demand that a rise in price will lead to a decrease in the quantity demanded.
True
False
If a small change in price creates a large change in demand, elasticity of demand is?
Elastic
Inelastic
Unitary
Unit elastic
In this kind of economy, economic effort is devoted to goals passed down from a ruler or ruling class.
Mixed economy
Planned economy
Free market economy
Socialist economy
It refers to the amount of some good or service consumers are willing and able to purchase at each price.
Supply
Consumer
Producer
Demand
Elasticity of demand wherein a large change in price results in a very small change in demand.
Elastic
Inelastic
Unitary
Unit Elastic
What a buyer pays for a unit of the specific good or service is called?
Sale
Price
Amount
Sell
To calculate elasticity, we will use the average percentage change in both quantity and price. This method is called?
Middle point method
Medpoint method
Midpoint method
Mindpoint method
The total number of units purchased at that price is called ?
Quantity supplied
Quantity demanded
Quantity purchased
Quantity sale
It is typically applied when we look at how changes in price affect demand or supply.
Citires Paribus
Citeris Paribos
Ceteris Parebus
Ceteris Paribus
Elasticity of demand or supply is consider elastic if the answer is?
=1
=0
<1
>1
A product whose demand rises when income rises, and vice versa, is called?
Normal goods
Inferior goods
Elasticity is consider as inelastic if the answer is?
=1
=0
<1
>1
A product whose demand falls when income rises, and vice versa, is called ?
Normal goods
Inferior goods
Elasticity is considered to be unitary if the answer is?
=1
=0
>1
<1
The law of supply states that more of a good will be provided the higher its price; less will be provided the lower its price.
True
False
A table or data that shows the quantity supplied at a range of different prices.
Supply curve
Supply table
Quantity supplied
Supply schedule
It is a graphic illustration of the relationship between price, shown on the vertical axis, and quantity, shown on the horizontal axis.
Supply curve
Supply schedule
Quantity supplied
Supply equation
A situation wherein the amount that producers want to sell is less than the amount that consumers want to buy
Surplus
Shortage
Situation wherein the amount that producers want to sell is greater than the amount that consumers want to buy.
Shortage
Surplus
FINDING EQUILIBRIUM WITH ALGEBRA
Solve for the Price of Candy using the given equation:
Qd= 20+5P and Qs=10+10P
P=6
P=4
P=3
P=2
FINDING EQUILIBRIUM WITH ALGEBRA
Solve for Qs if P=40 and Qd=150-P
Qs=40
Qs=30
Qs=20
Qs=10
FINDING EQUILIBRIUM WITH ALGEBRA
Solve for P if
Qd=150-P and Qs=-60+P
P=100
P=85
P=70
P=50
Solve for the Elasticity of Demand if:
Q1=510 P1=58
Q2=600 P2=40
Ed=-0.54
Ed=-0.44
Ed=-0.34
Ed=-0.24
Solve the Elasticity of demand:
Q1= 200 P1=10
Q2=220 P2=15
Ed=0.54
Ed=0.44
Ed=0.34
Ed=24
Solve for the Elasticity of Supply:
Q1=150 P1=30
Q2=300 P2=45
Es=3.67
Es=2.67
Es=1.67
Es=0.67
Solve for the Elasticity of Supply:
Q1=135 P1=55
Q2=120 P2=50
Es=1.88
Es=1.87
Es=1.86
Es=1.85
Solve for the Price using the supply function:
Qs=-100+20 if Qs=100
P=15
P=10
P=5
P=3
Solve for Qs using he supply function:
Qs=-100+20 if P=15
Qs=600
Qs=500
Qs=400
Qs=300
Solve for Price using the demand function:
Qd=400-10P if Qd=100
P=55
P=50
P=40
P=30
Solve for Qd using the demand function:
Qd=400-10P if P=30
Qd=200
Qd=150
Qd=100
Qd=50
