Salt

When we were talking about price elasticity I questioned whether you thought demand for salt was price elastic or inelastic. It seemed only one person had a clue about how much salt cost and I think I agreed with the ball park figure.

Well, today I actually had to buy some salt. At Martin's, the name brand, Morton's, cost 53 cents. The store brand (which I bought) cost 43 cents.

Just so ya know.

JJ

Test 2 results and current grade distribution

Average: 29.33 out of 40 ( 73.33%)
Median: 28 (70%)
Standard Deviation: 5.11 (12.77%)

The following scale should be a good guide as to the quality of your work (frequencies in parentheses):

A: 34.5 + (12)
B: 29.0 – 34.0 (9)
C: 24.0 – 28.5 (21)
D: 18.0 - 23.5 (6)
F: 17.5 and lower (0)

The blue number on your test is your points-to-date (as of test 2). There are a total of 48 possible points.

Average: 38.65982 out of 48 (81.07%)
Median: 37.96429 (79.09%)
Standard Deviation: 5.319 (9.36%)

For now, you should go with the default scale (frequencies in parentheses):

A: 90s (10)
B: 80s (15)
C: 70s (17)
D: 60s (6)
F: below 60% (2)

In terms of points out of 48:
A: 43.20 and higher
B: 38.40 to 43.199
C: 33.60 to 38.399
D: 28.8 to 33.599
F: below 28.8

Answer key to sample problems for test 2

Here is the key. I hope it is correct. Please let me know if you think there are any mistakes. Check back to see if any updates have been made.

I realize that 33, 34 and 35 are duplicates of 30, 31 and 32. Ooops. My bad.

1-A; 2-B, 3-B, 4-C*, 5-B, 6-A,
7-A, 8-B, 9-D, 10-C,
11-D, 12-C, 13-C, 14-C, 15-B, 16-C,
17-A, 18-C, 19-B, 20-B, 21-D,
22-C, 23-C, 24-A, 25-C,
26-B, 27-C, 28-D, 29-D, 30-B 31-D, 32-B,
33-B, 34-D, 35-B, 36-C, 37-A,
38-A, 39-B, 40-D, 41-A, 42-C, 43-D, 44-A,
45-C, 46-B, 47-A, 48-B 49-E, 50-B,
51-A, 52-B, 53-C, 54-C, 55-E.


*are you thinking the answer is D because B seems correct too? Well, when the price of getwids decreases people will, indeed, buy more getwids. But that is an increase in the quantity demanded, but not an increase in demand. Remember, when demand shifts (increases or decreases) it is due to something OTHER than the price. If the price is changing, as in this case, it is a movement down the demand curve to a higher quantitiy demanded. There is a difference between a change in demand (supply) and change in the quantity demanded (supplied). Make sure you get that very clear.