utility function
notes on separable utility function in microeconomics
Inferior goods in economics: Inferior goods refer to such goods whose demand reduces with the rise in income of consumer.
For U.S. families official poverty rates are: (w) higher than in most other countries. (x) very similar for different types of families. (y) higher for the middle class than for lower class families. (z) lower than in most other countries if poverty i
What is the relationship among Total Revenue (TR) and Marginal Revenue (MR)? Answer: A) If MR is positive, TR rises although at
By using the production possibility frontier, revel that if a society decides to produce more capital goods associated to consumption goods in year 1, then in year 2 there will be more consumption goods.
Which of the following below goods produces the greatest consumer surplus? (1) Free downloading to pirate your favorite songs. (2) Diamonds. (3) Water. (4) College textbooks. (5) Slices of the pizza. Choose the right answer from th
The purely competitive firm which hires more workers if the value of marginal product of labor increases above the competitively set wage rate will certainly experience rises in its: (1) Overhead costs. (2) Profit per unit. (3) Average variable cost. (4) Marginal reve
What will be the consequence of a rise or fall in the bank rate on money supply? Answer: It will reduce or raise the money supply.
When a $5 price hike raises the number of tanks of dehydrated water supplied into this market from point a to point b, there elasticity of supply is: (w) 4.5. (x) 3.0. (y) 1.5. (z) 0.5. Q : Unregulated monopoly economic efficiency Mainly economists object to unregulated monopoly primarily since: (w) economies of large scale operation may be attained. (x) technological advance may be fostered. (y) economic efficiency would be promoted. (z) economic efficiency may be decreased.
Mainly economists object to unregulated monopoly primarily since: (w) economies of large scale operation may be attained. (x) technological advance may be fostered. (y) economic efficiency would be promoted. (z) economic efficiency may be decreased.
Multiplier: It is the number by which change in investment should be multiple in order to find out the resultant change in income and output.
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