Answers to Chapter 3

Part 2

1.

    a. $12

    b. 4

    c. 5

    d. $4

    e. $8

    f. The demand price. It is also called the "maximum offer price."

2.

    a. SEE FIGURE

    b. 2

    c. 5

    d. 8

    e. $8

    f. $5

    g. $2

    h. $7

    i. $5

    j. $3

3.

    a. D1

    b. D2

    c. They can be used instead of one another.

    d. Yes

    e. Steep

    f. Flat

4.

    a. Each unit on the quantity axis stands for 10,000 units.

    b. 40,000 units

    c. 20,000

    d. $1,000

    e. $10,000

5.

    a. 2

    b. $8

    c. (2, $8)

    d. SEE FIGURE


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