Homework Answers
68) Solution: will fall continuously as output increases
Explanation: When the output expands, AFC declines continuously
48) Solution: long run.
Explanation: In long run, there are no fixed costs
43) Solution: causes purchasing power of a person's money to increase
Explanation: The purchasing power is gained when prices falls
32) Solution: higher marginal utility from the last DVD purchased
Explanation: With an increase in price if the purchase is decreased it will lead to higher marginal utility from the last DVD that is purchased
21) Solution: the time it takes to change plant capacity and the number of firms in the industry
Explanation: The price elasticity of supply depends on the time it takes to change capacity of plant
Have answered more than 4 parts
Add Answer to:
68. AFC: A) will fall in the early stages of production but rise when capacity is maximized. B) is constant at any give...
9. A tax on a product A) has no impact on quantity demanded B) always decreases...
9. A tax on a product A) has no impact on quantity demanded B) always decreases quantity demanded more than quantity supplied. C) creates a difference between the price paid by the buyer and the price received by the seller D) usually has a negligible burden 10. Other things constant, when demand is price inelastic an increase in A) the price leads to lower total revenue B) total revenue means that quality will improve C) total revenue leads to a...
68. AFC: A) will fall in the early stages of production but rise when capacity is...
68. AFC: A) will fall in the early stages of production but rise when capacity is maximized B) is constant at any given level of output. C) falls continuously as output increases. D) increases due to diminishing marginal returns. Reference: Ref 7-5 Production Data for Baseball Bat Company Labor (Number of Total Product Workers) (number of bats) 20 42 5 6 7 8 124 150 170 184 10 11 12 13 2 2 1 200 04 02 98 69. A)...
22. A) B) C) D) A gas station owner in a large city learned in his microeconomics class that buyers are Tervery un...
22. A) B) C) D) A gas station owner in a large city learned in his microeconomics class that buyers are Tervery unresponsive to changes in the price of gasoline. Ir, based on that assumption, he increases the price of gas at his station: total revenue will increase. total revenue will decrease. total revenue will not change. the sale of complementary goods at his station will increase. 23. A) B) C) D) 11 a store deals in a good that...
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2...
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2 40 70 90 100 106 60 90 105 114 120 2 4 4 29. (Table) In the table, assume that a consumer has a budget of $12, water costs $2 per bottle, and chips cost $3 per bag. When utility is maximized, the MUIP for both goods is: A) 20 B) 5 C) 3. D) 10. 30. Suppose you have $100 to spend on...
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices...
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes m m consuming slices of pizza. As Matt consumes more slices of pizza, he A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. 13) When total utility is at a maximum A) marginal utility is zero. B) marginal utility is equal to total utility. C) marginal...
If the price of a DVD falls, i. the demand curve for DVDs will shift rightward....
If the price of a DVD falls, i. the demand curve for DVDs will shift rightward. ii. the demand curve for DVDs will not shift. iii. there will be a movement along the demand curve for DVDs. Select one: A. i only d B. ii only C. iii only D. ii and i E. i and iii O Which of the following increases the supply of petrol? Select one: O A. A decrease in the price of a resource used...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B)...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
Question 14 1 pts If the price elasticity of supply was calculated as 0.40 for a...
Question 14 1 pts If the price elasticity of supply was calculated as 0.40 for a product and the price increases by 12%, what would happen to the quantity supplied? O Quantity supplied would increase by 8%. O Quantity supplied would increase by 6.3%. O Quantity supplied would increase by 4.8%. Question 15 1 pts As we move along a typical negatively sloping, linear demand curve O the elasticity is constant. it results in elasticity and slope being the same....
Q1) Total government spending in the U.S. economy was around _____ of the GDP in the...
Q1) Total government spending in the U.S. economy was around _____ of the GDP in the financial year 2010. Group of answer choices 36 percent 44 percent 5 percent 16 percent 25 percent Q2) The lowest of the federal or state minimum wage levels prevails in each state. Group of answer choices True False Q3) The market process ensures that, when all transactions are voluntary, resources get allocated to the use where they are valued the most. Group of answer...
I need help with these Mcq's please. Thank you 37. Efficiency in a market is achieved...
I need help with these Mcq's please. Thank you
37. Efficiency in a market is achieved when cial planner intervenes and sets the quantity of output after evaluating buyers willingness to pay and sellers' costs the sum of producer surplus and consumer surplus is maximized all firms are producing the end at the same low cost per unit. no buyer is willing to pay more than the equilibrium price for any unit of the good. C ( 38. Total surplus...
9. A tax on a product A) has no impact on quantity demanded B) always decreases quantity demanded more than quantity supplied. C) creates a difference between the price paid by the buyer and the price received by the seller D) usually has a negligible burden 10. Other things constant, when demand is price inelastic an increase in A) the price leads to lower total revenue B) total revenue means that quality will improve C) total revenue leads to a...
68. AFC: A) will fall in the early stages of production but rise when capacity is maximized B) is constant at any given level of output. C) falls continuously as output increases. D) increases due to diminishing marginal returns. Reference: Ref 7-5 Production Data for Baseball Bat Company Labor (Number of Total Product Workers) (number of bats) 20 42 5 6 7 8 124 150 170 184 10 11 12 13 2 2 1 200 04 02 98 69. A)...
22. A) B) C) D) A gas station owner in a large city learned in his microeconomics class that buyers are Tervery unresponsive to changes in the price of gasoline. Ir, based on that assumption, he increases the price of gas at his station: total revenue will increase. total revenue will decrease. total revenue will not change. the sale of complementary goods at his station will increase. 23. A) B) C) D) 11 a store deals in a good that...
Reference: Ref 6-15 Bottled Water Quantity Total Utility Bags of Chips Quantity Total Utility 1 2 40 70 90 100 106 60 90 105 114 120 2 4 4 29. (Table) In the table, assume that a consumer has a budget of $12, water costs $2 per bottle, and chips cost $3 per bag. When utility is maximized, the MUIP for both goods is: A) 20 B) 5 C) 3. D) 10. 30. Suppose you have $100 to spend on...
Quantity (slices of pizza) Total utility 12) The table above gives Matt's utility from consuming slices of pizza. As Matt consumes m m consuming slices of pizza. As Matt consumes more slices of pizza, he A) obtains greater amounts of marginal utility. B) has diminishing total utility. C) has diminishing marginal utility. D) obtains less total utility. 13) When total utility is at a maximum A) marginal utility is zero. B) marginal utility is equal to total utility. C) marginal...
If the price of a DVD falls, i. the demand curve for DVDs will shift rightward. ii. the demand curve for DVDs will not shift. iii. there will be a movement along the demand curve for DVDs. Select one: A. i only d B. ii only C. iii only D. ii and i E. i and iii O Which of the following increases the supply of petrol? Select one: O A. A decrease in the price of a resource used...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
Question 14 1 pts If the price elasticity of supply was calculated as 0.40 for a product and the price increases by 12%, what would happen to the quantity supplied? O Quantity supplied would increase by 8%. O Quantity supplied would increase by 6.3%. O Quantity supplied would increase by 4.8%. Question 15 1 pts As we move along a typical negatively sloping, linear demand curve O the elasticity is constant. it results in elasticity and slope being the same....
I need help with these Mcq's please. Thank you
37. Efficiency in a market is achieved when cial planner intervenes and sets the quantity of output after evaluating buyers willingness to pay and sellers' costs the sum of producer surplus and consumer surplus is maximized all firms are producing the end at the same low cost per unit. no buyer is willing to pay more than the equilibrium price for any unit of the good. C ( 38. Total surplus...
Most questions answered within 3 hours.
-
Suppose a quiz contains 20 true/false questions. You
know the correct answer to the first 10...
asked 6 seconds ago -
Is depression the cause or the effect of a stressful
situation? Explain.
12) How do learning...
asked 1 hour ago -
Critically discuss whether the Bretton Woods System has been
based on Keynesian principles. Please give me...
asked 1 hour ago -
An ammeter with a scale ranging from 0 to 15mA has a resistance
of 5Omega. How...
asked 2 hours ago -
def blur(img: Image) -> Image:
"""Blur Image, img, based on the given pixel_size
Hints:
- For...
asked 2 hours ago -
a
carboxylic acid reacting with a strong base will form what
ion
asked 3 hours ago -
which value if any in each pair corresponds to a
faster reaction k=18.k=137
asked 3 hours ago -
Bus lines can be separated into two generic types, dedicated and
multiplexed.
i. What is the...
asked 5 hours ago -
This is 'Branding' course which is part of marketing.
1. As a brand manager of Nudie...
asked 5 hours ago -
You are considering the purchase of a new stock. The stock is
forecasted to pay a...
asked 6 hours ago -
vector a has componets Ax and Ay, and makes an angle theta with
the y-axis. Select...
asked 7 hours ago -
What were the problems of the american frontier after 1763 and how
did the British address...
asked 7 hours ago