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Economics Lecture Five (view source)

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6. Take the online 10-question quiz covering the basic concepts learned in our entire course so far. If you have a smart phone such as an iPhone or Android, this quiz should work on that too. Your score is recorded electronically but also include the score as your answer to this question (e.g., 8 out of 10).

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~~===Honors===~~

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~~No essay this week. Instead, complete four out of the following five (#8-12) short-answer questions, with an optional question for extra credit at the end (#13):~~

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~~8. The greater the number of substitutes for a good, is it more or less price elastic? Explain briefly.~~

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~~9. The smaller the proportion of income consumed by the purchase of a good, is it more or less income elastic? Explain briefly.~~

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~~10. Would government prefer taxing a good that is price elastic or price inelastic? Explain briefly.~~

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~~11. Calculate the income elasticities for the two goods in question 4.~~

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12. Suppose french fries cost $1 and ketchup 10 cents. When the price of ketchup goes up to 20 cents, the quantity demanded for french fries falls by 10%. What is the cross elasticity of demand for french fries with respect to ketchup? Show your work and state whether these goods are complements or substitutes.

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== Extra credit available to all ==

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Economics Lecture Five (view source)

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