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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

How does a firm in a monopolistically competitive market determine its profit
maximizing output quantity?

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TESTE DEIN WISSEN

By setting MR = MC

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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

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

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

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TESTE DEIN WISSEN

• 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.

Lösung ausblenden
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

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

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

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

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

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?

Lösung anzeigen
TESTE DEIN WISSEN

Both statements are incorrect.

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TESTE DEIN WISSEN

Given your answer to question before, what is the unit price that firm will
charge? 

MR=200-4Qd

Qd=45

Lösung anzeigen
TESTE DEIN WISSEN

Pa= 200-2Qd

therefore:

200-90=110

Lösung ausblenden
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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:

How does a firm in a monopolistically competitive market determine its profit
maximizing output quantity?

A:

By setting MR = MC

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:

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:

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

A:

• 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.

Mehr Karteikarten anzeigen
Q:

What is the formula for marginal Revenue? (MR)

A:

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

Q:

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

A:

P = 400-2P

Q:

Which of the following is least likely regarding indifference curves?

A:


The indifference curves for two consumers can never intersect.

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:

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:

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?

A:

Both statements are incorrect.

Q:

Given your answer to question before, what is the unit price that firm will
charge? 

MR=200-4Qd

Qd=45

A:

Pa= 200-2Qd

therefore:

200-90=110

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