![Econ 73-250A-F Spring 2001 Prof. Daniele Coen-Pirani MIDTERM EXAMINATION #2](http://s1.studyres.com/store/data/008930053_1-a36bf3e14e81004611979551081af04f-300x300.png)
Econ 73-250A-F Spring 2001 Prof. Daniele Coen-Pirani MIDTERM EXAMINATION #2
... firm’s cost curve c(y), average cost curve AC(y), and marginal cost curve MC(y). Exercise #3. Short questions. To get full credit you should justify your answers. (a) [5 pts.] Show that, in the short run, if the price of the fixed factor is increased, profits will decrease. (b) [10 pts.] If pMP1 > w ...
... firm’s cost curve c(y), average cost curve AC(y), and marginal cost curve MC(y). Exercise #3. Short questions. To get full credit you should justify your answers. (a) [5 pts.] Show that, in the short run, if the price of the fixed factor is increased, profits will decrease. (b) [10 pts.] If pMP1 > w ...
Directions
... in that a proportional rise in the nominal value of price and income (i.e. inflation) doesn’t alter you real feasible set of consumption, and hence your optimal consumption point. c) Suppose that income increases by three times the initial amount while the prices of good X and good Y stay at their i ...
... in that a proportional rise in the nominal value of price and income (i.e. inflation) doesn’t alter you real feasible set of consumption, and hence your optimal consumption point. c) Suppose that income increases by three times the initial amount while the prices of good X and good Y stay at their i ...
How to Study for Classes 11 and 12 Perfect Competition
... trouble. (3) In international trade, countries that are members of the World Trade Organization (such as the United States) are expected to have low tariffs (taxes) on the products of other countries. In order to qualify for these low tariffs, countries are expected to follow certain rules. One of t ...
... trouble. (3) In international trade, countries that are members of the World Trade Organization (such as the United States) are expected to have low tariffs (taxes) on the products of other countries. In order to qualify for these low tariffs, countries are expected to follow certain rules. One of t ...
Market Structure and the Behavior of Firms Market Structures
... total fixed costs of $25,000, average variable costs for 1,000 units of the product of $45, and marginal revenue of $75. What is his total economic profit? ...
... total fixed costs of $25,000, average variable costs for 1,000 units of the product of $45, and marginal revenue of $75. What is his total economic profit? ...
According to the principle of diminishing returns, an additional
... very elastic very inelastic. ...
... very elastic very inelastic. ...
ECN 401
... 17. When a firm doubles its inputs and finds that its output has more than doubled, this is known as: A. economies of scale. B. constant returns to scale. C. diseconomies of scale. D. violation of the law of diminishing returns. ...
... 17. When a firm doubles its inputs and finds that its output has more than doubled, this is known as: A. economies of scale. B. constant returns to scale. C. diseconomies of scale. D. violation of the law of diminishing returns. ...
MICROECONOMICS Classroom Lecture Notes by Zeke Wang
... People try to choose what’s best for them. ...
... People try to choose what’s best for them. ...
Imperfect Competition: Monopoly
... from 2 units to 5 units, the monopolist reduces the price from $10 to $7. The revenue gained is area III, the revenue lost is area I The slope of the demand curve determines the ...
... from 2 units to 5 units, the monopolist reduces the price from $10 to $7. The revenue gained is area III, the revenue lost is area I The slope of the demand curve determines the ...
S - Unchain-vu
... →Law on diminishing marginal utility: increasing consumption of a good will lead to lower utility from the last unit consumed →You arrange your consumption such that the last Euro spent on each good gives you the same utility as the last Euro spent on any other good (this explains why the demand cur ...
... →Law on diminishing marginal utility: increasing consumption of a good will lead to lower utility from the last unit consumed →You arrange your consumption such that the last Euro spent on each good gives you the same utility as the last Euro spent on any other good (this explains why the demand cur ...
Chapter 12
... The city is considering auctioning licenses that would allow one or two vendors to sell ice cream on the local beach. If the city licenses two vendors, will it receive more in total license fees than if it sells a license to only one vendor? Will people who use the beach be better off if the cit ...
... The city is considering auctioning licenses that would allow one or two vendors to sell ice cream on the local beach. If the city licenses two vendors, will it receive more in total license fees than if it sells a license to only one vendor? Will people who use the beach be better off if the cit ...