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For any particular good, an increase in the price of a complement would most likely
result in?
A shift in the demand curve to the left
What is the inverse function of the following demand curve? Qd = 200 – 0.5
P = 400-2P
When a rent ceiling (maximum price) is imposed below the equilibrium market
price, which of the following is most likely?
The unit price falls while quantity supplied increases
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?
2.5
Explicate the term "Consumer surplus"
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.
What is the dead weight loss?
Market that disappears
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?
Both statements are incorrect.
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.
Only the statements I and II are true.
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:
The ratio of the price of Good A to Good B
Which of the following is least likely regarding indifference curves?
The indifference curves for two consumers can never intersect.
What is the formula for marginal Revenue? (MR)
MR=a-2bQ (always take the inverse function of the demand function)
If the unit price is $200, how big is the quantity supplied and the corresponding
producer surplus?
QS
x = –400 + 8Px
1200 units = -400+ 8x200
(150 x 1200)/2 = 90,000 =(0.125x1200)
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