ECON 1002 Final Exam – MGMT 3503 Microeconomics

ECON 1002 Final Exam – MGMT 3503 Microeconomics Exam – Week 3 (92 out of 100 points ) A demand curve: The income effect that results from a price change is given by: The table below shows the quantities demanded and quantities supplied for a good at various prices. The equilibrium price and quantity for the good above respectively equal: When price is below the market equilibrium price: The economic surplus to an individual from consuming a good is given by: A change in “demand” of a good is caused by ______________; a change in “quantity demanded” of a good is caused by ______________: Based on the diagram below, which of the following best explains the change depicted? A production possibilities curve with a bowed outward shape indicates: The increased popularity of screw off caps on wine bottles has led to a decrease in the demand for cork. As a result, we can expect that: If supply shifts in (leftward) and simultaneously demand shifts out (rightward), what can we expect to happen to the equilibrium price and quantity? Based on the table below, the buyer’s and seller’s surplus associated with the good shown above respectively equal: