Economics 303 - Exam 1 (Murthy) "Creighton University" questions and answers all are correct 2024 graded A+

Find X-axis by setting P=0; Solve for Quantity Demanded and Supplied Find the Y-axis by setting Quantity Demanded and Supplied to 0; Solve for P Connect the dots - Answer-How to graph Demand and supply curves Inferior: Yes Giffen: No - Answer-Does the law of demand hold true for inferior goods? How about given goods? Tase the derivative - Answer-What do we do to the ruction of selling two goods? No - Answer-Are all graphs drawn to scale? Keeps Money Income Constant - Answer-Marschallian keeps what constant? Real income (total utility) constant - Answer-Hicksian keeps what constant? Ed = (Slope) * (Quantity Demanded / Price) - Answer-Equation for Elasticity of demand Es = (Slope) * (Quantity Supplied / Price) - Answer-Equation for Elasticity of Supply (Eid = (Coefficient) * (Income / Quantity Demanded) - Answer-Equation for Income ElasticityEdxy = (% Change in Quantity Demanded of good x) / (% Change in Price of good y) - Answer-Cross-price Elasticity of Demand