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Jeopardy

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Title: Jeopardy Author: SCPS Last modified by: Linda P Created Date: 9/17/1998 2:16:32 PM Document presentation format: On-screen Show (4:3) Company – PowerPoint PPT presentation

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Title: Jeopardy


1
Jeopardy
Thats a Gimme
Ups and Downs
Back and Forth
I Like Structure
Thats a Stretch
Q 100
Q 100
Q 100
Q 100
Q 100
Q 200
Q 200
Q 200
Q 200
Q 200
Q 300
Q 300
Q 300
Q 300
Q 300
Q 400
Q 400
Q 400
Q 400
Q 400
Q 500
Q 500
Q 500
Q 500
Q 500
Final Jeopardy
2
100
Desire Willingness and Ability to Pay
3
100
What is Demand?
4
200
Area of Economics that explains behavior and
decision making by individuals and small firms.
5
200
What is Microeconomics?
6
300
The quantity demanded of a good or service varies
inversely with its price.
7
300
What is the Law of Demand?
8
What do salt, insulin, business class airline
tickets, alcohol and cigarettes have in common?
9
400
They all have inelastic demand, and considered
necessities
10
500
An increase in the price of a product and a
decrease in quantity demanded for that product
has this effect on the demand curve.
11
500
What is a movement along the curve?
12
100
An increase in consumer income has this effect
in a free market economy.
13
100
What is an increase in Demand?
14
200
This explains that people purchase more of a
product when the price goes down because they
feel better off.
15
200
What is the Income Effect?
16
300
Flashlights and Batteries.
17
300
What are complements?
18
400
The price for Colgate toothpaste increases
causing this effect on the demand curve for
Crest toothpaste. .
19
400
It shifts to the right.
20
500
A storm is predicted to dump 12 inches of snow
overnight. A sudden increase in the demand for
milk, eggs and bread is explained by a change in
this.
21
500
What is Consumer Expectations?
22
100
This model represents the quantities demanded by
everyone who is interested in purchasing a
product at each and every price.
23
100
What is a market demand curve or schedule?
24
200
A decrease in the price of Charmin toilet tissue
that causes Northern toilet tissue consumers to
switch to Charmin is explained by this.
25
200
The substitution effect?
26
300
Why an increase in the price of propane gas
results in higher revenues for Franger Gas Co.
27
300
It is an inelastic product?
28
400
Congress passes legislation to suspend the gas
tax starting tomorrow. Consumer expectations
causes this immediate effect.
29
400
Decreased demand for gas today.
30
500
The government raises the Social Security tax
causing demand for all goods and services to
drop. What factor causes this to happen?
31
500
What is a decrease in consumer income.
32
100
The extent to which a change in price causes a
change in quantity demanded.
33
100
What is demand elasticity?
34
200
If a particular product has a change in price,
say 10, that causes a relatively larger change
in quantity demanded, say 15, it is said to be
this
35
200
What is demand elastic?
36
300
When a change in the price of a product does not
change the total revenues for that product, it
is said to be this
37
300
What is unit elastic?
38
400
Why an increase in the price of Gillette shaving
cream results in lower revenues and profits.
39
400
It has many substitutes and is demand elastic?
40
500
The price of a postage stamp increases
causing revenues to increase. Why?
41
500
It is an inelastic product with no substitutes?
42
100
When prices increase, and total revenues
decrease demand is said to be this.
43
100
What is elastic?
44
200
If a product you like costs you a tiny
fraction of your income, that product is
45
200
Inelastic?
46
300
Airlines are reluctant to offer reduced round
trip airfares during holidays for this reason.
47
300
Airline tickets are demand inelastic during the
Holidays. The should raise prices
48
400
A hamburger stand raised the price of hamburgers
from 2.00 to 2.50 and sales fell from 200 to
180 per day. Using The revenue method are
these hamburgers demand elastic or inelastic
49
400
Inelastic?
50
500
In the long run products like gasoline and
water are said to be this.
51
500
More elastic.
52
Final Jeopardy
The reason that the demand for middle eastern
food has increased.
53
Final Jeopardy Answer
What is a change in demographics?
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