Microeconomics at FHNW - Fachhochschule Nordwestschweiz | Flashcards & Summaries

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TESTE DEIN WISSEN

Explicate the term "Consumer surplus"

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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.

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TESTE DEIN WISSEN

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

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TESTE DEIN WISSEN

The unit price falls while quantity supplied increases


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TESTE DEIN WISSEN

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

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TESTE DEIN WISSEN

P = 400-2P

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TESTE DEIN WISSEN

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

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TESTE DEIN WISSEN

A shift in the demand curve to the left

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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?

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TESTE DEIN WISSEN

Both statements are incorrect.


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TESTE DEIN WISSEN

What is the dead weight loss?

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TESTE DEIN WISSEN

Market that disappears

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TESTE DEIN WISSEN

If the unit price is $200, how big is the quantity supplied and the corresponding
producer surplus?

QS
x = –400 + 8Px

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TESTE DEIN WISSEN

1200 units = -400+ 8x200


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

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?

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TESTE DEIN WISSEN

2.5

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TESTE DEIN WISSEN

Which of the following is least likely regarding indifference curves?

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TESTE DEIN WISSEN


The indifference curves for two consumers can never intersect.

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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:

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TESTE DEIN WISSEN

The ratio of the price of Good A to Good B

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TESTE DEIN WISSEN

What is the formula for marginal Revenue? (MR)

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TESTE DEIN WISSEN

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

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TESTE DEIN WISSEN

A travel agent (operating in imperfect competition) offering package tour holidays to
Iceland is considering a price reduction of 500 francs on two-week all-inclusive
vacations to Iceland from 10,000 francs to 9,500 francs. The number of monthly
bookings is, as a consequence, expected to increase from 5 to 7. Therefore, the
marginal revenue earned per additional booking amounts to:

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TESTE DEIN WISSEN

16'500

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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:

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:

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

A:

P = 400-2P

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:

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.


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Q:

What is the dead weight loss?

A:

Market that disappears

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)

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:

Which of the following is least likely regarding indifference curves?

A:


The indifference curves for two consumers can never intersect.

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:

What is the formula for marginal Revenue? (MR)

A:

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

Q:

A travel agent (operating in imperfect competition) offering package tour holidays to
Iceland is considering a price reduction of 500 francs on two-week all-inclusive
vacations to Iceland from 10,000 francs to 9,500 francs. The number of monthly
bookings is, as a consequence, expected to increase from 5 to 7. Therefore, the
marginal revenue earned per additional booking amounts to:

A:

16'500

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