Microeconomics
Question #2 Consumer Demand. How to answer questions from a-g iii. I belive the MRS is 2y/x for B. But not sure
The clearest signals of the opportunity costs to society of funding one investment in place of another are relative: (w) interest rates, expected rates of return, and also expected economic profit. (x) production costs for various goo
The production possibilities frontier graphically demonstrates the: (i) Production limitations which confront the society. (ii) Benefits inherent in the capitalistic economy. (iii) Social selections available if technology is boundless. (iv) Structura
How is a shift in demand reflected in a demand equation? How is a shift in supply reflected in a supply equation? How is a movement along a demand (supply) curve reflected in a demand (supply) equation?
In the long run no profit-maximizing firm would produce yet a level of output at that: (w) marginal revenue is below the price charged consumers. (x) demand is relatively price inelastic. (y) total revenue would exceed total variable costs but not tot
For a negative income tax the break-even level of income plan (NIT) is: (1) negatively related to the plan’s basic income floor. (2) positively related to the negative income tax rate. (3) a main influence on the total cost of t
Illustrate any three causes of decrease in demand? Answer: 1) Reduce in income of consumer. 2) Fall in the price of alternate good.3) Increase in the price of complementary goods.
Economic cost can best be defined as: A) any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers. B) any contractual obligation to labor or material suppliers. C) compensations that must be received by resource owners to insure their continued
When the price elasticity of demand for Japanese cars is higher within Europe than into the U.S. and transportation costs are very similar, relative to the price charged in Europe, there the price a discriminating Japanese carmaker wo
Total revenue when this firm maximizes economic profits would be: (w) $72,000 per period. (x) $80,000 per period. (y) $96,000 per period. (z) $100,000 per period. Q : Marginal Resource Costs The word The word ‘marginal resource costs’ or ‘marginal factor costs’ signifies to the: (1) Additional cost included in generating an additional resource. (2) Additional cost included in generating an additional unit of the resource. (3) Additional cos
The word ‘marginal resource costs’ or ‘marginal factor costs’ signifies to the: (1) Additional cost included in generating an additional resource. (2) Additional cost included in generating an additional unit of the resource. (3) Additional cos
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