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Arellano University

Apolinario Mabini Campus


BASIC EDUCATION
Taft Avenue corner Menlo St., Pasay City
Tel No. 524-2850
SENIOR HIGH SCHOOL DEPARTMENT
MIDTERM QUIZ # 1
CHAPTER 2: Demand, Supply and Equilibrium
Part I - Computations
Directions: Show your solutions in their simplest form.
A. Solve for equilibrium 𝑃𝐸 and 𝑄𝐸 : (4pts in total)
1. Q D = 215 – 115P 2. Q D = 832 – 162P
Q S = 860 + 300P Q S = 2592 + 240P

B. Solve for Q D and Q S . Determine shortage, surplus, and equilibrium (36pts in total)
Price 𝐐𝐃 𝐐𝐒 Surplus/ Shortage/ Equilibrium
1 2 1 2 1 2
58
45
36
23
11
5

Part II – Graph Analysis


Directions: Write the letter of the correct answer.
Choices:
a. Point A
b. Point C
c. Point A-B
d. Point B-C
e. Point B
f. Point D-E
g. Point D
h. Point F
i. Point E
j. Point E-F
Questions:
1. At what point does a consumer want to buy 16 to 19 units of good?
2. At what point does a consumer want to buy units of good at a price of 10?
3. At what point does a consumer want to buy 45 units of goods?
4. At what point does a consumer want to buy units of goods at a price of 27?
5. At what point does a consumer want to buy units of good at a price of 18?
6. At what point does quantity supplied changes from 30 to 42?
7. A producer wants to sell his units of goods at a price of 17 at what point?
8. A producer wants to sell his units of goods at a price of 60 at what point?
9. Quantity supplied is 79 at what point?
10. A producer wants to sell his units of goods at a price of 55 at what point?

Prepared by: Applied Economics


Ms. Nicole M. Mortel 2nd sem SY 2018-2019
Arellano University
Apolinario Mabini Campus
BASIC EDUCATION
Taft Avenue corner Menlo St., Pasay City
Tel No. 524-2850
SENIOR HIGH SCHOOL DEPARTMENT
MIDTERM QUIZ # 2
CHAPTER 3: Price Determination
Part I - Computations
Directions: Determine the elasticity in the following situations and indicate whether these are elastic, inelastic, or
unitary. Show your solutions.
Demand Schedule Supply Schedule
Situation Price (P) Quantity (Q) Situation Price (P) Quantity (Q)
A 929 71 G 898 922
B 489 91 H 745 856
C 365 112 I 623 649
D 239 145 J 577 521
E 86 178 K 369 273
F 39 316 L 208 12
1. Situation D and A 4. Situation H and L
2. Situation B and E 5. Situation K and G
3. Situation C and F 6. Situation I and J
Part II – Identification
Directions: Identify the correct answer.
1. __________ is the reaction when there is a change in the prices of commodities.
2. __________ is the reaction or response of a buyer if the price of goods and services change.
3. __________ is a change in the price which results in a greater change in quantity supplied.
4. __________ is the degree of responsiveness of a demand for a good to a change in the price of a related good.
5. __________ is the responsiveness of consumers’ demand to a change in the price of the goods sold.
6. __________ is a change in price which results in a greater change in quantity demanded.
7. __________ is a change in price which results in a smaller change in quantity supplied.
8. __________ is a change in price which results in a smaller change in quantity demanded.
9. __________ is a change in price which creates no change in quantity demanded.
10.__________ is the degree of responsiveness of quantity demanded to a small change in the income of the
consumer.
11. _________ is a change in price, which creates no change in the quantity supplied.
12.__________ is a change in price, which results in an equal change in the quantity demanded.
13.__________ is a situation wherein even without a change in price, there is an infinite change in the quantity
demanded.
14.__________ is a change in price, which results to an equal change in the quantity supplied.
15.__________ is a situation wherein even without a change in price, there is an infinite change in the quantity
supplied.
16. __________ is the principal determinant of supply elasticity.
17.__________ is the most common method used by economics textbooks in the measurement of demand price
elasticity.
18.-20. __________, ____________, and ______________ are the three determinants of demand elasticity.

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