Spalding Academy 10th Econ
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| A relation showing the quantities of a good that consumers are willing and able to buy at various prices per period, other things constant | Demand
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| A curve or line showing the quantities of a particular good demanded at various prices during a given time period, other things constant | Demand curve
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| Measures how responsive quantity demanded is to a price change; the percentage change in quantity demanded divided by the percentage change in price | Elasticity of demand
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| The demand of an individual customer | Individual demanded
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| The quantity of a good demanded per period relates inversely to its price, other things constant | Law of demand
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| The more of a good a person consumes per period the smaller the increase in total utility from consuming one more unit, other things constant | Law of diminishing marginal utility
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| The change in total utility resulting a one-unit change in consumption of a good | Marginal utility
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| The sum of the individual demands of all consumers in the market | Market demand
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| Change in quantity supplied resulting from a change in the price of the good, other things constant | Movement along a given demand curve
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| The amount demanded at a particular price | Quantity demanded
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| Increase or decrease in demand resulting from a change in one of the determinants of demand, other things constant | Shift of a demand curve
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| Consumer preferences, likes and dislikes in consumption; assumed to be constant along a given demand curve | Tastes
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| Price multiplied by the quantity demanded at that price | Total revenue
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| Provide an example of a normal good and an inferior good. How does an increase in income affect the demand for each of these goods or services? | Normal: pizza (demand stays same as $$ increases. Inferior: bologna (demand decreases when $$$ increases).
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| Provide two examples of the differences in the opportunity cost of time among consumers and how this shapes different consumption patterns. | Making vs. buying pizza, waiting in line at Disney world. More willing to spend $$$ to save time.
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| Describe a situation you have encountered that illustrated the law of diminishing marginal utility. | Watching one Lord of the Rings fun, 2nd not so much. 1 slice of pizza OK, 2nd less so
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| Leslie has started her own business selling hand-knit scarves, hats, and mitten. She begins advertising in the local newspaper and, as a result, the demand for her products increases. How is the demand curve affected? | Shifts right
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| Suppose that Leslie then lowers the price of her scarves from $15 to $10 per scarf. Her sales grow from 25 scarves per week to 50. Calculate the elasticity of demand. | % change in # demand/ % change in price 100/33. 3.3
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| Determine if demand is elastic, unit elastic, or inelastic. Why? | elastic. Elasticity greater than 1.0
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