Microeconomics unit 1 quizlet
[DOC File]Introduction to Microeconomics II OEC 107
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So, we see that a T.Shs 1.00/= per unit tax causes the sales to drop from 100 to approximately 93 and price rises from T.Shs 10.00/= to 10.36/= SUMMARY . 1. Monopoly is a market structure in which there is a single seller, there are no close substitutes for the commodity it produces and there are barriers to …
[DOC File]Principles of Microeconomics, 7e (Case/Fair)
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Multiple Choice 1) A graph showing all the combinations of capital and labor that can be used to produce a given amount of output is a(n) A) indifference curve. B) isoquant. C) isocost line. D) production function. Answer: B Diff: 1 Type: F Use the information provided in the Figure 7.8 below to …
[DOC File]Chapter 14: SOLUTIONS TO TEXT PROBLEMS:
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Quick Quizzes. 1. When a competitive firm doubles the amount it sells, the price remains the same, so its total revenue doubles. 2. The price faced by a profit-maximizing firm is equal to its marginal cost because if price were above marginal cost, the firm could increase profits by increasing output, while if price were below marginal cost, the firm could increase profits by decreasing output.
[DOCX File]Activity 3.7 Statistical Analysis with Excel Answer Key
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1. Open an Excel workbook. On worksheet 1 type “Activity 3.5 Statistical Analysis with Excel” in cell A1 and your name in cell A2. 2. In your notebook, record the height of each student in your class in feet and inches to the nearest . quarter of an inch. 3.
[DOC File]Principles of Microeconomics, 7e (Case/Fair)
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If the market price is $20, then to maximize profits this firm should produce A) zero units of output. B) one unit of output. C) two units of output. D) an output level of about four. Answer: D Diff: 2 Type: A 72) The short-run supply curve of a competitive firm is the portion of A) the average variable cost curve that lies above its marginal ...
[DOC File]Final Exam - East Carolina University
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A) the elasticity exceeds 1.00 at all prices. B) the elasticity is less than 1.00 at all prices. C) the elasticity equals 1.00 at all prices. D) the elasticity decreases as the price falls and quantity increases. 37) Producers' total revenue will decrease if . A) income increases and the good is normal. B) the price rises and demand is elastic.
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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A) produce more output in plant 1 and less in the plant 2. B) do nothing until it acquires more information on revenues. C) produce less output in plant 1 and more in plant 2. D) produce less in both plants until marginal revenue is zero. E) shut down plant 1 and only produce at plant 2 in the future. Answer: C. Diff: 2. Section: 10.1 Scenario ...
[DOC File]Answers to Micro End-of-Chapter Questions 1
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Page A-34, Microeconomics: Answers to End-of-Chapter Questions. Page A-35, Microeconomics: Answers to End-of-Chapter Questions. Kilometres Total Cost Marginal Cost Average Fixed Cost Average. Variable Cost 0 $500 500 $500 0 $1 0 1000 $590 $90 $0.50 $.09 1500 $740 $150 $0.33 $.14 2000 $890 $150 $0.25 $.195
[DOC File]SOLUTIONS TO TEXT PROBLEMS: - SUNY Geneseo
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Similarly, the U.S. opportunity cost of 1 ton of grain is 2/5 car (4 divided by 10) and the Japanese opportunity cost of 1 ton of grain is 4/5 car (4 divided by 5). This gives the following table: Opportunity Cost of: 1 Car (in terms of tons of grain given up) 1 Ton of Grain (in terms of cars given up) U.S. 2 1/2 2/5 Japan 1 1/4 4/5 d.
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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128) The following table presents Mary's marginal utility for each of the four goods she consumes to exhaust her income. The price of Good 1 is $1, the price of Good 2 is $2, the price of Good 3 is $3 and the price of Good 4 is $4. Indicate the consumption bundle in …
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