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 minor economic inefficiencies which monopolistically competitive firms may cause are as: (w) because of their inability to ever price discriminate. (x) a price which consumers pay for a greater range of slightly differentiated goods. (y) reflected
When a price hike for Big Gulps of GlugaChug from $1 to $2 improves sales of dehydrated water from 50 to 100 kegs, then the dehydrated water and GlugaChug are: (1) Joint outputs in the production. (2) Complements. (3) Substitutes. (4) Mixed resource alternatives.
Short-run supply curve of a purely competitive firm’s is the positively sloped part of the marginal cost curve which is above its: (w) average fixed cost curve. (x) resource demand curve. (y) average variable cost. (z) short-run
The transfer of wealth from industrialized countries to oil exporting countries (OPEC) which followed skyrocketing oil prices within the 1970 year indicates such that the price elasticity of demand for oil: (w) relatively low. (x) relatively high. (y)
A tax will be forward-shifted totally when the demand curve is: (w) downward sloping and the supply curve are horizontal. (x) horizontal and the supply curve is upward sloping. (y) perfectly price inelastic and identical to the supply
Economists can’t conceive of any resource or product for that the: (1) price elasticity of demand is zero and the demand curve is vertical. (2) price elasticity of supply is zero and the supply curve is vertical. (3) income elasticity of demand
When it is feasible for total revenue to cover all variable costs, an unregulated monopoly which does not price discriminate maximizes economic profits or else minimizes losses through producing the r
Differentiate between project feasibility study and project proposal?
Relative to the equally strong, smart and hard working people with minimum education, the high school graduates who invest much heavily in more advanced formal education are probable to experience the lower average: (i) Wages whenever first enter the work force. (ii)
A firm is most certain to be capable to generate an economic profit when: (1) this is a monopoly. (2) entry within its industry in the short run is prevented through barriers to entry. (3) its marginal costs are less than the marginal costs of its com
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