1. Create a graph for the demand for starfish using the following data table:
Price (Y axis)
2. Is the relationship between the price of starf
1. If Enviromax wants to maximize profit, what price would they charge?
2. What is their profit per unit if they are operating at the profit maximizing output?
$2 per unit.
3. Assume now that the demand for recycled paper increases and that the c
1. a. An electrical monopolist would determine its profit maximizing price
and output level by
finding the point where MC=MR and go up from that point until the demand
reached. That would be the monopoly price.
b. Consumer surplus is shown in yel
As the price elasticity of supply approaches innity, very small changes in price lead to
O a very large changes in quantity supplied.
bvery small changes in quantity supplied.
.I: no change in quantity supplied.
d None of the above is correct.
a one ofthe goods is ahixurywhe the other good is a necessity.
I b the two goods are complements.
C the two goods are substitutes.
lilIhpt 2 assignment
When income increases the slope of an individuals demand curve, the demand curve
0 Remains negative
John Mamlard Keynes referred to economics as an easy:r subject,
0 Atwhidi vervfewcan excel
Refer to gure 24
In the circula
a efciency and equity.
b prices. and quamjes.
C resources and allocation.
I d supply and demand.
111 a perfectly competitive malket, atthe marketprice, huys
ECO 2013 Principles of Macroeconomics
Section 229710 Rm 102 Chastain 1:00 4:00PM T R
Prof Ron Capute
Summer A 2016
Subject to Change
TBD [Faculty Web Page]
561-339-2494 Call, do not text message.
As humans we face trade-offs everyday. A trade-off is when you decide to do one
thing but could have done another. Its what you gave up in order to do something else. In
economics there is an expression There is no such thing as a free lunch. Its true
Fill-in all boxes that are labeled Mandatory
1) Economic Growth
a) Nominal GDP (Be Sure to Round)
b) Real GDP (2005 for a Baseline) and (Be Sure to Round)
Practice Exam 1
Dr. Jacqueline Agesa
1. Economics is the study of how to use
a. limited resources to satisfy unlimited wants.
b. unlimited resources to satisfy unlimited wants as fully as possible.
c. limited resources to satisfy limited wants.
Ten Principles of Economics
1. The English word that comes from the Greek word for "one who manages a household" is
2. The word economy comes from the Greek word oikonomos, which mean
10 out of 10 100% percent
Take Test: Assignment 11
This test allows multiple
This test can be saved and
Question Completion Status:
Save and S
The figure is drawn for a monopolistically-competitive firm.
Refer to Figure 16-9. In order to maximize its profit, the firm will choose to produce
more than 133.33 units of output.
than 100 units of output.
Save and Subm
EC FINAL EXAM
Economists refer to the study of how people behave in strategic
A duopoly is
a market that
Supply and Demand Guide
To solve the homework problems do the following:
Identify the determinant change
Shift the appropriate curve in the correct direction
Change price appropriately
Move along the other curve (the one that did not shift) in
Microeconomics Final Exam Study Guide
The guide is set up as a series of questions about the concepts and terms covered on
the final exam. They are in no particular order.
1. What is price elasticity of demand?
2. What are examples of goods with very high
STUDY GUIDE FOR THE MID-TERM EXAM (MICROECONOMICS)
1. What are the ten principles of economics? Ch. 1- PG 3
People Face Trade-offs
The cost of something is what you give up to get it
Rational People think at the margin
People respond to incentives