Microeconomics at FHNW - Fachhochschule Nordwestschweiz

Flashcards and summaries for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz

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Study with flashcards and summaries for the course Microeconomics at the FHNW - Fachhochschule Nordwestschweiz

Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

If the unit price is 300, how big is the quantity demanded? (Qd = 200 – 0.5)

Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

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

Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

Explicate the term "Consumer surplus"

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Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

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

Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

Statement I: If close substitutes are easily available for a particular good, the price
elasticity of demand for that good cannot be identified.
Statement II: If a relatively large proportion of a person’s income is spent on a
particular good, the price elasticity of demand for that good is most likely
relatively high.
Which of the following is true?

Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

Statement I: If the price elasticity of demand for a good equals -1.25, an increase in
price will result in a decrease in total revenue.
Statement II: If a decrease in price leads to a decrease in total revenue, demand for
the good is price elastic.
Which of the following is true?

Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

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

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Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

Which of the following is least likely regarding indifference curves?

Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

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?

Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

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:

Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

What does the substitution effect mean?

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Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

Explicate the meaning and the implications of the concept of perfect competition.

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Exemplary flashcards for Microeconomics at the FHNW - Fachhochschule Nordwestschweiz on StudySmarter:

Microeconomics

If the unit price is 300, how big is the quantity demanded? (Qd = 200 – 0.5)

50 (100-0,5x300)

Microeconomics

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

P = 400-2P

Microeconomics

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.

Microeconomics

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

Microeconomics

Statement I: If close substitutes are easily available for a particular good, the price
elasticity of demand for that good cannot be identified.
Statement II: If a relatively large proportion of a person’s income is spent on a
particular good, the price elasticity of demand for that good is most likely
relatively high.
Which of the following is true?

Both statements are incorrect.

Microeconomics

Statement I: If the price elasticity of demand for a good equals -1.25, an increase in
price will result in a decrease in total revenue.
Statement II: If a decrease in price leads to a decrease in total revenue, demand for
the good is price elastic.
Which of the following is true?


Only Statement II is correct.

Microeconomics

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


Microeconomics

Which of the following is least likely regarding indifference curves?


The indifference curves for two consumers can never intersect.

Microeconomics

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

Microeconomics

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

Microeconomics

What does the substitution effect mean?

substitution effect: The change in the amount of a good that would be
consumed as the price of that good changes, holding constant all other
prices and the level of utility. It is measured on the initial indifference
curve/utility level.

Microeconomics

Explicate the meaning and the implications of the concept of perfect competition.

• Fragmented industry: no firm or buyer can influence or set the price. Because firms
are so small compared to the market as a whole, they can sell all produced units at
the market price.
• Undifferentiated products: no market power is gained by means of product
differentiation or monopoly position.
• Full information about prices: All market participants realize immediately if a good
is overpriced.
• Equal access to resources: All producers produce under identical conditions.
• Price taker: see above: undifferentiated products & fragmented industry.
• Law of one price: see above: undifferentiated products & fragmented industry &
full information about prices.
• Free entry: this secures competition and leads to the elimination of economic profit
in the long run.

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