1. Considering shoes and socks, to graph an Engel curve of shoes what must be true?...
1. Considering shoes and socks, to graph an Engel curve of shoes what must be true?
a. Utility is held constant
b. The price of shoes changes
c. The prices of shoes and socks are held constant
d. Cannot be determined from the information
e. Income is held constant
2.
Will this firm shutdown?
Q = 5
Price: $30
MC = $10
AVC = $25
AFC = $3
a. No
b. Yes
3. At what quantity will the marginal cost curve cross the average cost curve?
C =3q – 4q2+q3
Homework Answers
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Considering jackets and sweaters, to graph an Engel curve of jackets what must be true? The price of jackets changes Income changes Cannot be determined from the information O Utility is held constant The price of sweaters changes
1.
2) The deadweight loss associated with an import tariff is
smaller than a quota of the same impact because
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a. The government receives revenue from the quota and not the
tariff.
b. Price increases more with a tariff.
c. Quantity decreases more with a quota.
d. The government receives revenue from the tariff and not the
quota.
e. Cannot be determined from the information
3) Will this firm shutdown?
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Price: $30
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Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
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