Quiz Bowl Applied Economics Review PDF

Quiz Bowl Exam Instructions Use your own calculator 01 Use the questionnaire as a 02 scratch paper. 03 Use either black or blue ball pens or marker pens for shading of answers. Avoid any erasures, alterations, or 04 unnecessary markings on the Answer Sheet. Quiz B...

Quiz Bowl Exam Instructions Use your own calculator 01 Use the questionnaire as a 02 scratch paper. 03 Use either black or blue ball pens or marker pens for shading of answers. Avoid any erasures, alterations, or 04 unnecessary markings on the Answer Sheet. Quiz Bowl Are you ready? Let’s begin!  01 Economic Problem #1 #1 #2 #2  02 Market Participants and Economic Systems #1 #1 #2 #2 #3 #3 #4 #4 #5 #5 #6 #6  03 Laws of Demand and Supply #1 #1 #2 #2  04 Elasticities of Demand & Supply #1 ₱ ₱ #1 ₱ ₱  #2 ₱ ₱  #2 ₱ ₱ ₱ ₱ ₱ ₱  ₱ ₱ Quantity Supplied Quantity Supplied at Rice Type at ₱45 (per kg) ₱55 (per kg) 1. What is the percent change in the price of the rice resulting from 7-Tonner 1,000 1,300 the price increase? Jasmine 1,700 1,600 A) 21% Brown 2,300 3,100 B) 22% C) 23% Total D) 24% 5,000 6,000 Production  ₱ ₱ 1. What is the percent change in Quantity Supplied Quantity Supplied at Rice Type at ₱45 (per kg) ₱55 (per kg) the price of the rice resulting from the price increase? 7-Tonner 1,000 1,300 %change in P = (P2-P2)/P1 =(55-45)/45 = 10/45 = 0.22 or 22% Jasmine 1,700 1,600 Brown 2,300 3,100 A) 21% B) 22% Total C) 23% 5,000 6,000 Production D) 24%  ₱ ₱ Quantity Supplied Quantity Supplied at Rice Type at ₱45 (per kg) ₱55 (per kg) 2. What is the change in the quantity of Jasmine rice supplied 7-Tonner 1,000 1,300 resulting from the price increase? Jasmine 1,700 1,600 A) 5% Brown 2,300 3,100 B) -5% C) 6% Total D) -6% 5,000 6,000 Production  ₱ ₱ 2. What is the change in the Quantity Supplied Quantity Supplied at quantity of Jasmine rice supplied Rice Type at ₱45 (per kg) ₱55 (per kg) resulting from the price increase? 7-Tonner 1,000 1,300 %change in Qs = (Qs2-Qs1)/Qs1 =(1,600-1,700)/1,700 = -100/1,700 Jasmine 1,700 1,600 = -0.06 or -6% Brown 2,300 3,100 A) 5% B) -5% Total 5,000 6,000 C) 6% Production D) -6%  ₱ ₱ Quantity Supplied Quantity Supplied at Rice Type at ₱45 (per kg) ₱55 (per kg) 3. What is the price elasticity of all rice supply in this market? 7-Tonner 1,000 1,300 A) 0.91 Jasmine 1,700 1,600 B) -0.91 Brown 2,300 3,100 C) 0.92 D) -0.92 Total 5,000 6,000 Production  ₱ ₱ 3. What is the price elasticity of all Quantity Supplied Quantity Supplied at rice supply in this market? Rice Type at ₱45 (per kg) ₱55 (per kg) =%change in Qs / %change in P = ((6,000-5,000)/5,000) / (55-45)/45) 7-Tonner 1,000 1,300 = (1,000/5,000) / (10/45) Jasmine 1,700 1,600 = 0.2 / 0.22 = 0.91 Brown 2,300 3,100 A) 0.91 Total 5,000 6,000 B) -0.91 Production C) 0.92 D) -0.92  ₱ ₱ Quantity Supplied Quantity Supplied at Rice Type at ₱45 (per kg) ₱55 (per kg) 4. What is the elasticity of the total supply of all chickens? 7-Tonner 1,000 1,300 A) Elastic Jasmine 1,700 1,600 B) Inelastic Brown 2,300 3,100 C) Unit Elastic D) Perfectly Elastic Total 5,000 6,000 Production  ₱ ₱ Quantity Supplied Quantity Supplied at Rice Type at ₱45 (per kg) ₱55 (per kg) 4. What is the elasticity of the total supply of all chickens? 7-Tonner 1,000 1,300 0.91 < 1 Jasmine 1,700 1,600 A) Elastic Brown 2,300 3,100 B) Inelastic C) Unit Elastic Total D) Perfectly Elastic 5,000 6,000 Production  1. What is the total revenue of Price Quantity McDonald’s McFlurry ice cream with the price of ₱32? ₱27 150 A) ₱3,020 32 100 B) ₱3,200 38 50 C) ₱4,050 D) ₱4,550  1. What is the total revenue of Price Quantity McDonald’s McFlurry ice cream with the price of ₱32? ₱27 150 TR = P x Q = ₱32 x 100 32 100 A) ₱3,020 38 50 B) ₱3,200 C) ₱4,050 D) ₱4,550  2. Using the Total Revenue Test, what is the elasticity of McDonald’s Price Quantity McFlurry ice cream if the price ₱27 150 increases from ₱27 to ₱32? 32 100 A) Price Elastic B) Price Inelastic 38 50 C) Unit Price Elastic D) Perfectly Elastic  2. Using the Total Revenue Test, Price Quantity what is the elasticity of McDonald’s ₱27 150 McFlurry ice cream if the price increases from ₱27 to ₱32? 32 100 TR1 = ₱27 x 150 = ₱4,050 TR2 = ₱32 x 100 = ₱3,200 38 50 Based on characteristics: A) Price Elastic McDonald’s McFlurry is price elastic because the B) Price Inelastic price increase from ₱27 to ₱32 resulted in a C) Unit Price Elastic decrease in total revenue. D) Perfectly Elastic  05 Applications of Demand & Supply (Price Control) #1 #1 #2 #2  #3 Labor Market Population Employed 1500 Unemployed 1000  #3 Labor Market Population Employed 1500 Unemployed 1000 #4 #4 Tiebreaker