Microeconomics at FHNW - Fachhochschule Nordwestschweiz | Flashcards & Summaries

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# Lernmaterialien für Microeconomics an der FHNW - Fachhochschule Nordwestschweiz

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TESTE DEIN WISSEN

For any particular good, an increase in the price of a complement would most likely
result in?

Lösung anzeigen
TESTE DEIN WISSEN

A shift in the demand curve to the left

Lösung ausblenden
TESTE DEIN WISSEN

What is the inverse function of the following demand curve? Qd = 200 – 0.5

Lösung anzeigen
TESTE DEIN WISSEN

P = 400-2P

Lösung ausblenden
TESTE DEIN WISSEN

When a rent ceiling (maximum price) is imposed below the equilibrium market
price, which of the following is most likely?

Lösung anzeigen
TESTE DEIN WISSEN

The unit price falls while quantity supplied increases

Lösung ausblenden
TESTE DEIN WISSEN

Robert’s MRSxy is given by 2.5. If Good Y is on the y axis and Good X is on the x axis, the slope of the indifference curve is closest to?

Lösung anzeigen
TESTE DEIN WISSEN

2.5

Lösung ausblenden
TESTE DEIN WISSEN

Explicate the term "Consumer surplus"

Lösung anzeigen
TESTE DEIN WISSEN

Consumer surplus refers to the difference a consumer is willing to pay for a good
and the actual amount he or she actually has to pay when buying it.

Lösung ausblenden
TESTE DEIN WISSEN

What is the dead weight loss?

Lösung anzeigen
TESTE DEIN WISSEN

Market that disappears

Lösung ausblenden
TESTE DEIN WISSEN

Statement I: The availability of close substitutes for a particular good A has no
effect on the price elasticity of demand for that good A.
Statement II: If a comparatively small proportion of a person’s income is spent on a particular good, the price elasticity of demand for that good is comparatively high (i.e. very elastic).

Which of the following is most likely true?

Lösung anzeigen
TESTE DEIN WISSEN

Both statements are incorrect.

Lösung ausblenden
TESTE DEIN WISSEN

If a monopolist faces the inverse demand function P = 50 - 5Q, which of the
following statements is true?

I.The equation of the average revenue curve is AR(Q) = 50 – 5Q.
II. The marginal revenue curve is twice as steep as the average revenue curve.
III.For outputs less than 5, marginal revenue is positive, for outputs more than
5, marginal revenue is negative.

Lösung anzeigen
TESTE DEIN WISSEN

Only the statements I and II are true.

Lösung ausblenden
TESTE DEIN WISSEN

This question addresses the budget constraint: The amount of Good A that a
consumer would have to give up in order to consume 1 more unit of Good B is given
by:

Lösung anzeigen
TESTE DEIN WISSEN

The ratio of the price of Good A to Good B

Lösung ausblenden
TESTE DEIN WISSEN

Which of the following is least likely regarding indifference curves?

Lösung anzeigen
TESTE DEIN WISSEN

The indifference curves for two consumers can never intersect.

Lösung ausblenden
TESTE DEIN WISSEN

What is the formula for marginal Revenue? (MR)

Lösung anzeigen
TESTE DEIN WISSEN

MR=a-2bQ (always take the inverse function of the demand function)

Lösung ausblenden
TESTE DEIN WISSEN

If the unit price is $200, how big is the quantity supplied and the corresponding producer surplus? QS x = –400 + 8Px Lösung anzeigen TESTE DEIN WISSEN 1200 units = -400+ 8x200 (150 x 1200)/2 = 90,000 =(0.125x1200) Lösung ausblenden • 48077 Karteikarten • 906 Studierende • 53 Lernmaterialien ## Beispielhafte Karteikarten für deinen Microeconomics Kurs an der FHNW - Fachhochschule Nordwestschweiz - von Kommilitonen auf StudySmarter erstellt! Q: For any particular good, an increase in the price of a complement would most likely result in? A: A shift in the demand curve to the left Q: What is the inverse function of the following demand curve? Qd = 200 – 0.5 A: P = 400-2P Q: When a rent ceiling (maximum price) is imposed below the equilibrium market price, which of the following is most likely? A: The unit price falls while quantity supplied increases Q: Robert’s MRSxy is given by 2.5. If Good Y is on the y axis and Good X is on the x axis, the slope of the indifference curve is closest to? A: 2.5 Q: Explicate the term "Consumer surplus" A: Consumer surplus refers to the difference a consumer is willing to pay for a good and the actual amount he or she actually has to pay when buying it. Q: What is the dead weight loss? A: Market that disappears Q: Statement I: The availability of close substitutes for a particular good A has no effect on the price elasticity of demand for that good A. Statement II: If a comparatively small proportion of a person’s income is spent on a particular good, the price elasticity of demand for that good is comparatively high (i.e. very elastic). Which of the following is most likely true? A: Both statements are incorrect. Q: If a monopolist faces the inverse demand function P = 50 - 5Q, which of the following statements is true? I.The equation of the average revenue curve is AR(Q) = 50 – 5Q. II. The marginal revenue curve is twice as steep as the average revenue curve. III.For outputs less than 5, marginal revenue is positive, for outputs more than 5, marginal revenue is negative. A: Only the statements I and II are true. Q: This question addresses the budget constraint: The amount of Good A that a consumer would have to give up in order to consume 1 more unit of Good B is given by: A: The ratio of the price of Good A to Good B Q: Which of the following is least likely regarding indifference curves? A: The indifference curves for two consumers can never intersect. Q: What is the formula for marginal Revenue? (MR) A: MR=a-2bQ (always take the inverse function of the demand function) Q: If the unit price is$200, how big is the quantity supplied and the corresponding
producer surplus?

QS
x = –400 + 8Px

A:

1200 units = -400+ 8x200

(150 x 1200)/2 = 90,000 =(0.125x1200)

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