Question

1. Sheri is a sophomore in college and has a 3.025 cumulative grade point average (GPA). Her cumulative GPA will be worse off next semester if she

                        (I) performs worse than what she did last semester.

                           (II) performs worse than her cumulative GPA.

                               (III) gives an average performance.

                a. II) and III)

                b. I) and III)

                c. II) only

                d. III) only

                e. I) only

2. According to the Table below, what is the price elasticity of demand if price falls from $9.00 to $8.00? (Use % change equation only):

a. -17/9

b. 18/7

c. 17/9

d. -17/8

e. 17/8

Price Per Unit	Quantity Demand Per Week
$10.00	25
$9.50	30
$9.00	35
$8.50	40
$8.00	45
$7.50	50
$7.00	55
$6.50	60
$6.00	65
$5.50	70
$5.00	75

Answer 1

Answer 1.   c. II) only

Reason- Sheri's cumulative GPA will be worse off next year if she performs worse than her cumulative GPA. As it will lower her Total GPA.

Answer 2. d.-17/8

When price falls from $9 to $8 Quantity rises from 35 to 45.

Reason- Elasticity of demand = % change in quantity/ % change in price

Elasticity of demand=( (35-45)/(35+45)/2)/((9-8)/(9+8)/2)

= (-10/40)/(1/8.5)

= -85/40

=-17/8

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