4.1
What is the definition of demand?
The desire to have some good/service and the ability to pay for it.
What is the law of diminishing marginal utility?
The marginal benefit from using each additional unit of a good or service tends to decline as it is used.
(Elastic/Inelastic) demands can change greatly depending on the price.
Elastic
I sell 60 sandwiches for $3 each. What is the revenue?
180
Which baseball team won the world series in 1907, 1908, and 2016?
The Cubs
What is the law of demand?
When the price of a good or service falls, consumers buy more of it, and when the price of a good or service rises, consumers buy less of it.
What is the income effect?
If you make more money, you buy more things.
Since I can get an Android instead of an iPhone, the demand for an iPhone is (more/less) elastic.
I sell 40 sandwiches for $5 each. What is the revenue?
$200
when was the iPhone created?
2007
What is the difference between an individual demand curve and a market demand curve?
An individual demand curve shows how much one person is willing to pay for a good/service whereas market demand curve shows how much all consumers are willing to pay for a good/service.
If more people started shopping at HyVee, sales at HyVee would (increase/decrease)
Increase
Does an item become more inelastic if you spend more or less of your income on it?
Less
I sell 35 t-shirts for $7.50 each. What is the revenue?
$262.5
Which country has the most World Cup titles?
Brazil
Is this an example of "demand"- Miss Schless has $20 and wants to buy a new shirt for $25.
No- she wants the new shirt, but does not have the ability to pay for it.
If you buy a charger when you buy a phone, then the charger is a ________ to the phone.
Complement
Demands for necessities are (elastic/inelastic)?
Inelastic
I sell 25 t-shirts for $10 each. What is the revenue?
$250
Which new pop artist wrote the song "Traitor"?
Olivia Rodrigo
If the price of Nike shoes goes up, then you are (more likely/less likely) to buy a pair.
Less likely
What is a substitute good? Give an example.
A substitute good is a good that can replace another good. Example: Burger King can replace McDonalds.
Would an X-Ray be considered elastic or inelastic?
Inelastic
If I sold 10 paintings and my total revenue is $350, how much did each painting cost?
$35
What is Miss Schless studying to become?