Chapcter 5 & 6 - Assignment Essays

question

If the percentage change in the quantity demanded of a good is greater than the percentage change in price, price elasticity of demand is

answer

Elastic

question

If the percentage change in the quantity demanded of a good equals the percentage change in price, price elasticity of demand is:

answer

Unitary Elastic

question

If a decrease in the price of theater tickets increases the total revenue earned by the theater, this is evidence that demand is:

answer

Price Elastic

question

Elasticity measures how "sensitive" consumers are by measuring their change in _________ as the price of the product changes

answer

Quantity Demanded

question

Using Exhibit 5-3, whose elasticity of demand is greatest when the price falls from $7 to $6?

answer

Albert

question

Using Exhibit 5-3, in general, whose demand for orange juice is the most elastic

answer

Edward

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Another word for elasticity is:

answer

Responsiveness

question

If the price of Pepsi- Cola increases from 40 cents to 50 cents per bottle and the quantity demanded decreases from 100 bottles to 50 bottles, then according to the averaging equation, the value of price elasticity of demand for Pepsi-Cola is:

answer

question

If the value of the price elasticity of demand is 0.2, this means that

answer

???????

question

If a 5 percent decrease in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand is:

answer

Unitary Elastic

question

A perfectly elastic demand curve has a price elasticity of demand coefficient of:

answer

?????

question

In Exhibit 5-5, the change in total revenue resulting from a change in price from A to D indicates that the demand curve is:

answer

Elastic

question

Suppose the president of a textbook publisher argues that a 10 percent increase in the price of textbooks will raise total revenue for the publisher. It can be concluded that the company president thinks that the demand for textbooks is:

answer

Inelastic

question

In Exhibit 5-7, if promoters raise their prices from $10 to $40 per ticket, then their total revenue will:

answer

Increase

question

Other things constant, the price elasticity of demand for a product will be smaller (more inelastic) if:

answer

????

question

Paul's Plumbing is a small business that employs 12 people. Which of the following is the best example of an implicit cost incurred by this firm

answer

The accounting services provided free of charge to the firm by Paul's wife who is an accountant

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Implicit costs are best thought of as:

answer

Oppurtunity costs

question

Sam quits his job as an airline pilot and opens his own pilot training school. BLAH BLAH BLAH Sam's totalt revenue from polit training classes equaled $90,400. Sam's implicit costs for this year equal to:

answer

????

question

The sum of the explicit and implicit costs incurred in the production process is called

answer

????

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Normal profit is defined as a(n)

answer

Minimum necessary to keep a firm in operation

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During the short-run period of the production process, a firm will be:

answer

???

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The long run is a period of time:

answer

that is long enough to permit changed in all the firms outputs, both fixed and variable

question

A firm can produce 450 gallson of milk oer day w 4 workers and 500 gallons per day with5. the marginal prodict of the fifth worker expressed in gallsons per worker per day s

answer

question

A firm can produce 10,000 bushells of wheat oer year w 5 workers and 13,000 bushels with 6 workers. The marginak product of the sixth worker for thus far is

answer

3,000 bushels

question

Exhibit 6-1 shows the chnage in the production of pizzas as more workers are hired. The margiinal product of the fifth employee equals

answer

question

which of the following is an implication of the law of diminshing returns

answer

???

question

The law of diminishing returns applies to which of the following segments of the marginal product of labor curve?

answer

the downward sloping segment only

question

As shown in exhibit 6-3, the law of diminsihing returns applies where there are

answer

more than 5 workesr per day

question

In exhibit 6-5, the marginal prodict of the second worker is

answer

question

Total fixed costs are costs that are fixed with respect to

answer

the rate of output

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As shown in e 6-9 the total cost of producing 5 units is

answer

250

question

in e 6-13 ATC is shown by the graph labeled

answer

question

Diseconomies of scale exist over the range of output for which the long0run average cost curve is

answer

rising

question

If the firm represented in Exhibit 6-15 is operating w a plant whose size corresponds to short run average total cost curve A, the level of output would minimize its short-run average total cost is:

answer

500 units per week

question

Which firm in e 6-16 displays a long-run average cost curve with diseconmies of beginning at 2,000 units of output per week

answer

Firm A

1 of 35

question

If the percentage change in the quantity demanded of a good is greater than the percentage change in price, price elasticity of demand is

answer

Elastic

question

If the percentage change in the quantity demanded of a good equals the percentage change in price, price elasticity of demand is:

answer

Unitary Elastic

question

If a decrease in the price of theater tickets increases the total revenue earned by the theater, this is evidence that demand is:

answer

Price Elastic

question

Elasticity measures how "sensitive" consumers are by measuring their change in _________ as the price of the product changes

answer

Quantity Demanded

question

Using Exhibit 5-3, whose elasticity of demand is greatest when the price falls from $7 to $6?

answer

Albert

question

Using Exhibit 5-3, in general, whose demand for orange juice is the most elastic

answer

Edward

question

Another word for elasticity is:

answer

Responsiveness

question

answer

question

If the value of the price elasticity of demand is 0.2, this means that

answer

???????

question

If a 5 percent decrease in the price of a good produces a 5 percent increase in the quantity demanded, the price elasticity of demand is:

answer

Unitary Elastic

question

A perfectly elastic demand curve has a price elasticity of demand coefficient of:

answer

?????

question

In Exhibit 5-5, the change in total revenue resulting from a change in price from A to D indicates that the demand curve is:

answer

Elastic

question

answer

Inelastic

question

In Exhibit 5-7, if promoters raise their prices from $10 to $40 per ticket, then their total revenue will:

answer

Increase

question

Other things constant, the price elasticity of demand for a product will be smaller (more inelastic) if:

answer

????

question

Paul's Plumbing is a small business that employs 12 people. Which of the following is the best example of an implicit cost incurred by this firm

answer

The accounting services provided free of charge to the firm by Paul's wife who is an accountant

question

Implicit costs are best thought of as:

answer

Oppurtunity costs

question

answer

????

question

The sum of the explicit and implicit costs incurred in the production process is called

answer

????

question

Normal profit is defined as a(n)

answer

Minimum necessary to keep a firm in operation

question

During the short-run period of the production process, a firm will be:

answer

???

question

The long run is a period of time:

answer

that is long enough to permit changed in all the firms outputs, both fixed and variable

question

A firm can produce 450 gallson of milk oer day w 4 workers and 500 gallons per day with5. the marginal prodict of the fifth worker expressed in gallsons per worker per day s

answer

question

A firm can produce 10,000 bushells of wheat oer year w 5 workers and 13,000 bushels with 6 workers. The marginak product of the sixth worker for thus far is

answer

3,000 bushels

question

Exhibit 6-1 shows the chnage in the production of pizzas as more workers are hired. The margiinal product of the fifth employee equals

answer

question

which of the following is an implication of the law of diminshing returns

answer

???

question

The law of diminishing returns applies to which of the following segments of the marginal product of labor curve?

answer

the downward sloping segment only

question

As shown in exhibit 6-3, the law of diminsihing returns applies where there are

answer

more than 5 workesr per day

question

In exhibit 6-5, the marginal prodict of the second worker is

answer

question

Total fixed costs are costs that are fixed with respect to

answer

the rate of output

question

As shown in e 6-9 the total cost of producing 5 units is

answer

250

question

in e 6-13 ATC is shown by the graph labeled

answer

question

Diseconomies of scale exist over the range of output for which the long0run average cost curve is

answer

rising

question

If the firm represented in Exhibit 6-15 is operating w a plant whose size corresponds to short run average total cost curve A, the level of output would minimize its short-run average total cost is:

answer

500 units per week

question

Which firm in e 6-16 displays a long-run average cost curve with diseconmies of beginning at 2,000 units of output per week

answer

Firm A

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