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The price of a given good rises by 20 percent and the quantity demanded of that good then falls by 10 percent. The coefficient of price elasticity of demand (Ed) is _____, indicating that the demand for this good in its current price range is _____.

You and your partner are watching a classic spy thriller movie.  Rather than being captured and interrogated, the enemy agent takes cyanide and dies, quickly. Your partner, a non-scientist, asks you why the cyanide was deadly. a.  Which glucose catabolic process (eg., glycolysis) is inhibited by cyanide? (1 point) b.  Why is inhibiting this process (your answer to part “a”) deadly so quickly?  (2 points) -Be very specific in your answers to “a” and “b”.  To receive full credit you must provide the name of the process that is inhibited by the cyanide (eg., glycolysis), and you must explain why this results in quick death. c.  You and your partner decide to test the effects of cyanide on a culture of bacteria that are obligate fermenters.  To your surprise, the bacteria aren’t killed by the cyanide.  Why not?  (2 points)  

Elasticity provides a technique for estimating the response of one variable to changes in some other variable and has numerous applications in economics. Price elasticity of demand measures _____________________________________  

You are helping your younger cousins with their history lessons, and come across accounts of how prior to the advent of antibiotics, physicians would deliberately infect syphilis (bacterial infection) patients with the malaria protozoan to induce a high fever.  Surprisingly, this was often effective, and the physicians would then use quinine to cure the malaria. Using the information you have learned for this exam, briefly explain to your cousins how this would work.  That is, what part of bacterial cell functioning would be affected by the higher temperature, and why? Note:  while degrading cytoplasmic membranes would certainly kill the syphilis bacterium, it would also kill the patients.  So, this is not a viable answer. 

Please, match the following descriptions with the correct economic concept (Long Run or Short Run)    

Suppose a consumer of goods x and y is maximizing total utility.  , where MU indicates marginal utility and P indicates price of good.  In this case A, a consumer will likely to purchase (1) _________________ , where MU indicates marginal utility and P indicates price of good.  In this case B, a consumer will likely to purchase (2) _________________  

Consider the following information about a business, Erika’s, that opened last year: price = $10, quantity sold = 4; implicit cost = $20; explicit cost = $10. What was Erika’s economic profit last year?

Joe Biden is the current president of the United States.

Based on the above figure, this  is the case of ___________________. it also means that he has “done as well as could have been done.”

Case 1 where Price < AVC  Case 2 where Price > ATC Case 3 where ATC > P > AVC MC (Marginal Cost) MR (Marginal Revenue) ATC (Average Total Cost) AVC (Average Variable Cost) d (demand curve) P (price) Based on the above figure  for a perfectly competitive firm in the short run, In which cases will a perfectly competitive firm continue to produce in the short run? _____________ (Select two answers that apply)