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Exam (elaborations)

Eco201 - Miami University - Final Exam Review.

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Eco201 - Miami University - Final Exam Review.

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ECO 201
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ECO 201

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Eco201 - Miami University - Final Exam
Review

When the Demand is inelastic what happens to the Marginal Revenue (MR)? -
ANS-Negative

When Demand is elastic what happens to the Marginal Revenue (MR)? - ANS-Positive

When Demand is unit elastic what happens to the Marginal Revenue (MR)? - ANS-Zero

When Demand is inelastic and Price goes up, what happens to Total Revenue (TR)? -
ANS-Rises

When Demand is elastic and Price goes up, what happens to Total Revenue (TR)? -
ANS-Falls

When Demand is elastic and Quantity goes up, what happens to Total Revenue (TR)? -
ANS-Rises

When Demand is inelastic and Quantity goes up, what happens to Total Revenue (TR)?
- ANS-Falls

What is the Law of Demand? - ANS-Price and Quantity always have an inverse
relationship on a Demand Curve

How do you find elasticity of Demand with one product? - ANS-% change in Quantity
(Q) / percent change in Price (P)

How do you do find cross-price elasticity of Demand? - ANS-(1/Slope) * (P/Q)

If a product is elastic are there many substitutes readily available? - ANS-Yes

If MR > 0, then Demand is - ANS-Elastic

If MR < 0, then Demand is - ANS-Inelastic

Where is total expenditures maximized on a Demand Curve? - ANS-The Midpoint
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