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goes through concepts of chapters 1-5 of econ2030
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Prof. Charles Roussel Spring 2018 Exam # Answer key with explanations at the end! Use the following for questions 1-2: Suppose Joel decides to go fishing at Lake Veronica, but he faces a choice: he can fish on the north, south, east, or west side of the lake. His expected catch for the day is as follows: 1 fish on the north side, 4 fish on the south side, 7 fish on the east side, 2 fish on the west side.
A. Decrease; increase B. Increase; decrease C. Decrease; decrease D. Increase; increase Use the following to answer questions 6-7: Suppose an online retailer of batteries has the following price scheme (with free shipping) for its 315 Oxide Button Cell Battery: Quantity Purchased Price per Battery 1-4 $3. 5-24 $1. 25 or more $1.
B. On C. Outside D. On or outside E. On our inside
decreased, the price wouldn’t increase. It could not be C because if the demand increased, the quantity transacted would not decrease.