a market
if two goods are compliments
the supply curve shows the relationship between
at the point where the demand and supply curves for a product intersect
the quantity that consumers want to purchase and the amount producers choose to sell are the same
surplus will increase quantity demanded and decrease quantity supplied
the price elasticity of demand measures
percentage change in quantity demanded/percentage change in price.
the demand for a product is inelastic with respect to price if
consumers are largely unresponsive to a per unit price change
which of the following is not characteristic of the demand for a commodity that is elastic
the elasticity coefficient is less than one.
a perfectly inelastic demand schedule
increase the amount demanded by more than 10 percent
in which of the following instances will total revenue decline
price rises and demand is elastic
if the university of Chamber Music Society decides to raise ticket prices to provide more funds to finance concerts the society is assuming that the demand for the tickets is
the elasticity of demand for a product is likely to be greater
the greater the amount of time over which buyers adjust to a price change
the main determinant of elasticity of supply is the
amount of time the producers has to adjust inputs in response to a price change
the utility of a good or service
marginal unity can be
positive, negative, or zero
refer to the table the value of y is
45
refer to the table the value for w is
beyond some point additional units of a product will yield less and less extra satisfaction to a consumer
the first pepsi yields craig 18 units and the second yields him an additional 12 units of utility. His total utility from three pepsis is 38 units of utility the marginal utility of the third pepsi is
8 units of utility
marginal utility is the
276 utils
refer to the data. if the consumers money income were cut from $52 to $28 and the price of j and k remain at $8 and $4 respectively she would maximize her satisfaction by purchasing
2 units of j and 3 units of k
which of the following is most likely to be an implicit cost for company x
forgone rent from the building owned and used by comapny x
an explicit cost is
to economists the man difference between the short run and long run is that
in the long run all resources are variables, while in the short run at least one resource is fixed
average fixed cost
is 5
refer to the data the average product when two units of labors are hired is
refer to the data diminishing returns begin to occur when the hiring of the ________ unit of labor
third
refer to the data marginal product becomes negative with the hiring of the __________ unit of labor
seventh
marginal cost is the
total fixed cost
why the firms long run average total cost curve is u shaped
in the long run
which of the following is not a source of economies of scale
inelastic resource supply curves
a leftward shift of a product supply curve might be caused by
some firms leaving an industry