Ap micro unit 2 test
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Law Of Demand | As Price goes up Quantity Demanded goes down and vice versa
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| Law of Supply | As price goes up Quantity Supplied goes up and vice versa
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| Change in buyers tastes and preferences. Change in income. Change in # of consumers. Change in prices of related goods. Change in expectation. | 5 Determinants of Demand
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| Change in resource prices. Change in technology. Change in taxes and subsidies. Change in expectations. Change in # of suppliers. Change in prices of related goods. | 6 Determinants of Supply
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| Change in expectation | The weatherman stated that this summer would be the hottest summer in history.
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| Change in Taste or Preferences | Scientists at Columbia University believe that Hawaiian Punch could increase life expectancy.
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| Change in income | I got a raise today and I want steak.
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| Change in number of consumers | 9 months after prom there were many babies born which increased the demand for diapers.
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| Change in Prices of Related Goods | 1 gallon of milk cost me 1 dollar but cereal cost me 10.
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| Change in Resource Prices | The price of wood jumped from 50 to 100 so we have to produce less.
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| Change in technology | The new chef master 5000 can make any food for any restaurant.
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| Changes in taxes and subsidies | The government taxes the paper company a 5 dollar tax for every log the chop down.
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| Change in number of suppliers | More drug stores are opening up allowing for more possibly cheaper options
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| Normal Goods | A good/service whose consumption increases when income increases and vice versa. (price stays the same)
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| Inferior Goods | A good/service whose consumption declines as income increases.
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| Complementary Goods | Goods that are usually used or demanded together.
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| Substitute Goods | One good that can be used in place of another.
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| Complementary goods | What kind of goods are socks and shoes?
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| Substitute goods | Chicken is too expensive so I am going to buy turkey
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| Inelastic Demand | any value below 1. Demand for these products is relatively insensitive to price changes. Hard to Substitute.
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| Elastic Demand | any value above 1. The demand of these products is very sensitive to price changes. Easily substitutable.
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| Unit Elastic Demand | any value equaling 1. Equilibrium.
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| Luxury Vs. Necessity Substitutability % of income Time | 4 Determinants of Elasticity of Demand
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| Time Substitutability % of Income Luxury v. Necessities | Determinant of Elasticity of Supply
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| Market Period | Supply cant change
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| Short Run | can change supply by altering variable costs
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| Long Run | Change in all your costs
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| Midpoint Formula | Change in quantity divided by the Sum of Quantites/2
divided by
Change in price divided by the sum of prices/2
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