question
Watched football instead of studying and chose to because...
answer
...the economic surplus of football>the economic surplus of studying
question
Beach value is $5000 and costs $3500, lake value is $4500 and costs $1000, mountain value is $2000 and costs $1500, so what is the economic surplus from attending the "best" option as opposed to next best alternative?
answer
$2000
question
Zaxby's is $8 and willingness to pay is $15 and value of packing is $5, so what is the economic surplus?
answer
ES=15-(8+5)=$2
question
Non-refundable fee=$400 for 150 meals and what is marginal costs of 100th meal?
answer
MC=$0 (because TC=400-400=0)
question
What happens to supply if price increases?
answer
Supply will not change
question
What is a fair trade between Taylor and Beau for the dishes and laundry?
answer
1 dish for 5/12 of a laundry
question
If he divides time between fishing and selling printers and he can increase fish, but has to decrease selling printers, what type of point is it?
answer
Efficient point
question
Patrick can do 1 dish=8 burgers and Tim can do 1 dish=10 burgers...
answer
Tim has comparative advantage in burgers and Patrick has comparative advantage in sides
question
Which factor contributes to a perfect market?
answer
Strawberries are a standardized good
question
If PB&J are compliments and the PB price increases, then...
answer
...demand for jelly will decrease
question
A decrease in price of Coke will likely cause...
answer
...a decrease in demand for Pepsi
question
New technology that increases the production of cereal will cause...
answer
...an increase of supply
question
What happens to demand if the price increases?
answer
Demand will not change
question
If the milk price goes up, and the demand for cookies goes down, then...
answer
...they are compliments
question
A binding price floor in a market causes...
answer
...surplus
question
When elasticity<1, it is inelastic...
answer
...because %quantity changes less than %price changes
question
What markets should you subsidize?
answer
Elastic markets with positive externalities
question
Invisible hand
answer
when individuals act in self interest
question
Brody: 1T=11F
Cruze: 1T=10F
Cruze: 1T=10F
answer
Brody has comparative advantage in flowers and Cruze has absolute advantage in both
question
1 attack=5 crimes
answer
1 crime=1/5 attack
question
Price floor at $1 doesn't change anything, so...
answer
...deadweight lost=$0
question
10% decrease in price of widgets and 5% decrease in quantity demanded of clobbers means they are...
answer
...compliments
question
If the income increases and less chicken is bought, then what type of good was the chicken?
answer
inferior good
question
If you tax consumers, then you shift the demand curve, but the most...
answer
...inelastic group pays more, so producers bear the tax incidence
question
If you eat 5 zebra cakes, and he CHOOSES to eat a 6th, then...
answer
...his total utility will increase from the 6th cake
question
What would cause Jason's budget constraint to shift from C to B?
answer
none of the options
question
What is the pure Nash equilibrium?
answer
Shirk, Shirk (-2,-1)
question
Marginal revenue=$5
Marginal cost=$8
Average total cost=$10
Average variable cost=$4
What should the firm do?
Marginal cost=$8
Average total cost=$10
Average variable cost=$4
What should the firm do?
answer
1.) exit the market in the long run
2.) decrease production until marginal cost=marginal revenue
2.) decrease production until marginal cost=marginal revenue
question
If the graph is perfectly competitive with a price of $10...
answer
...the firm's revenue is $40 because they should produce 4 items
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
