Unit 2 check
Unit 2 check: Supply and Demand
10 questions from 9 lessons in Unit 2. Answer each one, and if you miss, follow the link back to where it is taught, then try again. Your score counts first tries.
Question 1 · from 2.1 · Sort it
Tap a situation, then tap whether it is an incentive or a constraint for the buyer.
Incentive
Constraint
Question 2 · from 2.2 · Calculate
Two kettle corn stands sell at a county fair. At $3 a bag, Stand A offers 80 bags a day and Stand B offers 50. At $4 a bag, Stand A offers 120 and Stand B offers 90. What is the market quantity supplied by the two stands at $4 a bag?
Question 3 · from 2.3 · Rank it
Rank the demand for these three goods by price elasticity of demand.
Most elastic first
Give each one a place, 1 for first. Give two the same place if they are equal.
Your ranking: none yet
Question 4 · from 2.4 · Rank it
Three bakeries each see the price of bread rise. At Bakery A, quantity supplied rises 30% after a 10% price rise. At Bakery B, it rises 10% after a 20% price rise. At Bakery C, it rises 15% after a 15% price rise. Rank the bakeries by price elasticity of supply.
Most elastic first
Give each one a place, 1 for first. Give two the same place if they are equal.
Your ranking: none yet
Setup for question 5
The transit office in Larkton tracked how the number of bus rides changed after three separate events. Bus fares did not change during any of them, and the table gives each event's percentage changes.
| Event | Change in the quantity of bus rides demanded |
|---|---|
| Average income rises 10% | Falls 5% |
| The price of gasoline rises 20% | Rises 6% |
| The price of coffee at bus-stop cafes rises 25% | No change |
Question 5 · from 2.5 · Calculate
What is the income elasticity of demand for bus rides in Larkton? Give a negative number if it is negative.
Setup for question 6
The graph shows straight-line demand and supply in a perfectly competitive market for picnic tables. Point A is where demand meets the price axis, point B is where supply meets it, and point E is where the two curves cross.
The market for picnic tables
Demand meets the price axis at $90 and supply at $15; they cross at $45 and 30 tables a week.
Question 6 · from 2.6 · Match
Tap a measure, then tap the area on the graph that shows it.
Setup for question 7
Many shops near a college sell plain hooded sweatshirts, and the market is perfectly competitive. Then the price of cotton rises sharply. The table shows the weekly market schedule before and after.
| Price | Quantity demanded | Quantity supplied before | Quantity supplied after |
|---|---|---|---|
| $20 | 600 | 200 | 0 |
| $25 | 500 | 300 | 100 |
| $30 | 400 | 400 | 200 |
| $35 | 300 | 500 | 300 |
| $40 | 200 | 600 | 400 |
Question 7 · from 2.7 · Fill the statement
Tap a blank, then tap a word.
Once the market settles at its new equilibrium, sweatshirts sell for a price than before, and consumer surplus .
Question 8 · from 2.8 · Select all
A perfectly competitive market for solar panels is in equilibrium. The government starts paying sellers $1 for every panel sold. Which two statements are correct? Select two.
Select 2 answers, then check.
Question 9 · from 2.9 · Calculate
A small country imports sneakers at a world price of $40 a pair. It adds a tariff of $10 a pair, which raises its domestic price to $50. At $50, its consumers buy 9,000 pairs a month and its own firms make 5,000. How much tariff revenue does the government collect each month, in dollars?
Question 10 · from 2.1 · Multiple choice
The price of a ticket at Dalton's only cinema rises from $10 to $14, and no other price changes. Jae now sees two movies a month instead of four, and explains: "I like movies as much as ever, and there is nothing else I would rather do on those nights. At $14 a ticket, my pay just doesn't go as far." Which explanation of downward-sloping demand does Jae's reason show?
0 of 10 answered.