# Economics Chapter 3 4 5

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Economics Chapter 3 4 5
Chapter 3,4,4
Monte Reynolds

What effect do each of the following have on the demand for small automobiles such as the mini cooper and smart car?
A Demand increases
B Demand increases
C Demand decreases
D Demand decreases
E Demand Increases

Question 6
What effect will each of the following have on the supply of auto tires?
A Advances in technology should increase the supply
B A decline in the number of firms in the tire industry will decrease supply
C Increase in the price of rubber will make supplies high due to passing the price on to the consumer
D Supplies will be less
E Supply is more since more people are buying more tires for big trucks
F Supply of tires will be more
G Supply of tires will be less
Chapter 4

3. What are the major determinants of price elasticity of demand?
A Bottled Water-Elastic
B Toothpaste-inelastic
C Crest-Elastic
D Ketchup-Inelastic
E Diamond Bracelet-Elastic
F Microsoft Windows-inelastic
Problem 4.
Danny Dimes Donahue, at \$1.50 each price is elastic, at \$1.00 price is inelastic.
Chapter 5

4. Use the distinction between the characteristics of private and public goods .
A Private, good not needed
B Airport Screening, needed but public
C Court Systems, Public, one persons use does not exclude the other persons use
D Mail Delivery, private, product can be had by other methods
E Medical Care, Private, allows other options
Problem 7:
Suppose in Fiscalville there is no tax on the first \$10,000, of income, but Fiscalville imposes a 20% tax on earnings between \$10000 and \$20000 and a 30% tax on income between \$20000 and \$30000. Any income above \$30000 is taxed at 40%. If your income is \$50000, how much will you pay in taxes?
\$13000-Marginal tax rate is 40% and average tax rate is 26%. This is a progressive tax since as income goes up, so does tax.

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