Sides Game

Increase in the Price of Corn Effect on demand for corn?

Point to the Producer Surplus

If steak has an income elasticity of -0.6 It is a _______ good.

If Y has a cross price elasticity of -.8 with X Y and X are?

Point to the Consumer Surplus

Decrease in P and Q What single shift has occurred?

MU always *except maybe in the beginning

One reason the demand curve slopes downward is that as one product gets more expensive, similar products become relatively cheaper. This is called the ________ effect

Point to the Equilibrium Price

A price increase of a product will cause a decrease of _________ for that product

Point to the where DWL would appear if an excise tax is applied to this good.

Binding price floors cause?

Which causes misallocation of resources? Binding Price Floors Binding Price Ceilings Non-Binding Price Floors Non-Binding Price Ceilings

The amount of revenue a producer receives beyond the total cost is called?

PED value of 1 indicates

PED is the % change in ______ ___________________

The PED of a horizontal demand curve is

Who the burden of an excise tax?

Inelastic demand A price increase will _____ TR

Point to a point on the Y-axis where a non-bonding price floor could be installed.

Unit price elasticity of demand A price decrease will ____ TR

Optimal Purchase Rule ____ = ____

Point to the market clearing price Price

Consumer Equilibrium requires equalizing _____ of multiple goods with a certain amount of income