Checkpoint Questions week 4
4-1-1
According to professor park, the economic meaning of the independent
variable In the demand function is the price of a good
4-1-2
According to professor park, the economic meaning of the dependent
variable in the demand function is quantity demanded
4-1-3
According to professor park, the economic meaning of the independent
variable in the inverse demand function is the quantity available
4-1-4
According to professor Park the economic meaning of the dependent
variable in the inverse demand function is the Price la consumer is willing to pay).
4-2-1
According to professor park, consumer surplus IS the benefit that cons
umers enjoy with a good but do not pay for
*can't divide into
pieces
4-2-2
According to professor park , an indivisible good is a good that's
not dividable. Examples: a car , or glasses
4-2-3
According to professor park, if you read the quantity first in
the graph of a demand curve & find next the price that a
consumer is willing to pay, you are using an inverse function
4-2-4
The answer to the question "should \ buy the first hamburger"
is "yes" because you get a good deal
4-2-5
The size of consumer surplus derived from the purchase of the
first hamburger is $2
4-2-6
The size of consumer surplus derived from the purchase of the
Second hamburger is $1
4-2-7
The size of consumer surplus derived from the purchase of the third
hamburger is zero (50)
4-2-8
The size of total consumer surplus derived from the Purchase of three
hamburgers is $3
(into pieces)
4-3-1
According to professor park, a divisible good is a good that's divideable-9 meat,
a
fractic
4-3-2
The first question asked by a consumer in the slow motion process for
purchasing is "should \ buy the 1st small fraction of a pound of meat
4-3-3
The consumer is wining to Pay as much close as $6
4-3-4
The size of total consumer surplus derived from the purchase
of 3 pounds of meat is the size of the triangle (6.3)x3),
which is $4.5
