Tackle the Test: Free-Response Questions

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  1. Question

    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
    Refer to the table below to answer the following questions.

    Rubric for FRQ 1 (5 points)

    1 point: 0.43

    1 point: % change in quantity of good B/% change in price of good A or (change in QB/average QB)/(change in PA/average PA)

    1 point: āˆ’3

    1 point: They are complements.

    1 point: Cross-price elasticity is negativeā€”when the price of good A goes down, in addition to buying more of good A, people buy more of good B to go along with it.

  2. Question

    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
    Assume the price of corn rises by 20% and this causes suppliers to increase the quantity of corn supplied by 40%.