Question 1
0 out of 2 points
When all other factors remain the same, the law of demand tells us that:
Selected
Answer:
An increased quantity demanded of bread causes the price of
bread to fall.
Answers:
An increase in your income causes you to buy more h
TP, Q
MPL
Increasing Marginal Returns (IMR):
Diminishing Marginal Returns (DMR):
DMR
IMR
La Lb LC Ld
MPL 1' IMR
DMR
La Lb LC Ld
Le
Le
Lf
Lf TP, Q
0
First Stage: MPL > APL
1St stage
Second Stage: MPL<APL
MPL, APL
Begin at same
point b/c
MPL =APL
when L and
Ch 6 Production and Costs
1. Production and Costs in the Short Run
1.
Production: TPL, MPL, APL
2.
Costs: TC(=TFC+TVC), ATC(=AFC+AVC), MC
2. Production and Costs in the Long Run
1.
2.
Isoquant, MRTS
Isocost, PL/PK
3. Relations Between the S- Run and the L
3550 F10 Quiz 7 Last Name:
First Name:
1.
Assume a firm is operating on its expansion path in the short run:
Q = 61/2*L1/2*K1/2
Where:K is fixed at 10, L = 15, Q = 30, MRTS = 2/3, PL = $40, PK =$60
a.
(3) Graph their production isoquant and isocost curves
Chapter 4 Consumers in the Marketplace
I. Changes in Income
A. Composite-Good Convention
X = a single good
Y = all other goods
there are only 2 goods in the economy: X and Y
B. Assume prices dont change.
C. When income changes,
there is ( a parallel shif
Ch 8 & 10 Practice Problem Set
1.
Demand in a perfectly competitive market is P=100-Q. Supply in that market is
P=10+Q. What is the market equilibrium price and quantity? Given that price and
quantity, what is the consumer surplus, producer surplus, and d
1
Ch 5 & 6 Practice Problem Set Key
From the textbook
Ch5
P 139: R1
P 141: #7
Ch6
P. 175: R8, R9, R11, R14, R15
P. 176: 4
P. 177: 5, 6, 9
True/False (1-3)
Indicate whether the statement is true or false and explain your answer. Without explanation, you ge
Last Name_Answer Key_
First Name_
Econ 3550 Intermediate Microeconomics Midterm Exam II [100 points]
Clearly label all graphs for full credit and please write legibly; I cannot grade what I cannot read.
The number of points each question is worth in paren
Ch 7 Practice Problem Set Key
1
The Donner Family Restaurant produces hamburgers in a competitive market. The current market
price of hamburgers is $6, the firm sells 1000 hamburgers per month, and is making $0 in economic
profit. Their cost curves have t
Answers to Ch3 Practice Questions
1.
Suppose Peggy consumes only two goods, gasoline and cigarettes. Her income is $120,
the price of cigarettes per pack is $4 and the price of gasoline per gallon is $2. Currently, she
consumes 40 gallons of gas.
Sketch t
Suggested Answer Key for Ch 4 Practice Problem Set
1. ANS:
(i)
Yes, the Engel and demand curves can both be downward sloping. This occurs when the
good is inferior but not Giffen.
(ii)
No, the Engel and demand curves cannot both be upward sloping. If the
Ch1 & 2 Practice Problems
1. Let the following equations represent the supply and demand for student rental housing in Denton:
Demand: P = 2,300 .5Q
Supply: P = 200 + .25Q
a. Graph demand and supply noting the relevant intercepts and the equilibrium P and
Suggested Answer Key for Ch1 & 2 Practice Problems
1.
Let the following equations represent the supply and demand for student rental housing in Denton:
Demand: P = 2,300 .5Q
Supply: P = 200 + .25Q
a. Graph demand and supply noting the relevant intercepts
Last Name_
First Name_
Econ 3550 Intermediate Microeconomics Midterm Exam 1 Extra Credit Work [8 points]
1. (3) In the following diagram for Dylan, assume his income is $120, the price of x is $5 and the price of z = $3.
QZ
A
B
C
QX
a. Write the equation
Economic impact and potential impact on u as consumer
January 23 2016
Economist article
The oil price has decreased drastically in the last 18 months and the quantity demanded by consumers
has increased. The dude analyzes how producers are suffering from
Ch 10
Most experts agree debt is okay if:
Balance todays wants with future needs and the future is an unknown so many experts advice debt
avoidance as the best approach
Take on only good debt; some experts argue that there is good debt which can make econ
Lecture 1
Economics is the study of how individuals and societies make decisions about how to allocate scarce
resources among competing uses.
Scarcity is the basic economic problem. In economics something is scarce if its not freely available in
amounts s
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"UNIVERSITY OF THE FREE STATE
DEPARTMENT OF MATHEMATICS 3:. APPLIED MATHEMATICS
WTWQH
TUTORIAL TEST Ii r 23 MARCH 2&13
Time: 15 minutes Marks : II]
Initials and Surname:
Memo
Student Number:
Answer ali question:
1. Use polar coordinates to find the
UNIVERSITY OF THE FREE STATE
DEPARTMENT OF MATHEMATICE 3a APPLIED MATHEMATICS
WTW214
TUTORIAL TEST 3 : 12 APRIL 2013
Time: 15 minute; Marks : ll]
Initials and Surname:
WWO
Student Number:
Answer all questions.
1. Evaluate the line integral I x21; :1
Unit 1.1:
Demand & Supply
Theoretical foundations & practical
application
(Chapter 2)
Outcomes
Revise the concepts of demand, supply
surplus and shortages as well as demand
and supply curves.
Calculate equilibrium price and quantity
given the demand and
Outcomes
Discuss the characteristics of consumer preferences.
Define, illustrate and discuss the different charateristics
of indifference curves.
Define and explain the MRS.
Define, explain and illustrate how the budget line (and
slope) can change.
C
Outcomes
Define the isocost line.
Discuss, calculate and illustrate the slope of the isocost line.
Discuss, calculate and illustrate how the optimal output id determined
given a certain expenditure.
Discuss, calculate and illustrate how costs will be
Outcomes
Explain and illustrate:
- the price-consumption curve
- the effect of a change in price and a change in income on the
consumers equilibrium for both a normal and inferior product
- the income-consumption curve
- How the IE and SE can be used to