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- Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about ? On this page you'll find 24 study documents about .
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Exam (elaborations)
ECO 3101 FINAL EXAM QUESTIONS AND ANSWERS 100% PASS 2026/2027
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8
March 2026
2025/2026
A+
ECO 3101 FINAL EXAM QUESTIONS
AND ANSWERS 100% PASS 2026/2027
TheStar
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Exam (elaborations)
ECO 3101 FINAL EXAM WITH COMPLETE SOLUTIONS 100% VERIFIED 2026-2027!!
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6
March 2026
2025/2026
A+
ECO 3101 FINAL EXAM WITH COMPLETE SOLUTIONS 100% VERIFIED !!...
Easton
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Exam (elaborations)
ECO 3101 Final Study Guide Questions and Answers 2024-2025
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9
March 2025
2024/2025
A+
1st fundamental theorem of welfare -- Correct Answer --if everyone trades in the competitive marketplace, all mutually beneficial trades will be completed and the resulting equilibrium allocations of resources will be pareto efficient
2 types of market failure -- Correct Answer --1: externalities
2: lack of information
2nd fundamental theorm of welfare -- Correct Answer --if individual preferences are convex, then every pareto efficient allocation ( every point on the contact curve) is a comp...
gichurumwangi
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Exam (elaborations)
ECO 3101 Final Exam Questions and Answers 2024-2025
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19
March 2025
2024/2025
A+
. For a monopolist, at every output level, average revenue is equal to price.
true or false -- Correct Answer --true
•1st degree price discrimination -- Correct Answer --•Instead of setting one monopoly price, charge everyone their willingness-to-pay (WTP).
•MR is now the same as demand curve. Extract all consumer surplus.
•2nd Degree Price Discrimination -- Correct Answer --charge different prices based on quantity of good purchased.
•Per unit: small vs large coffee
•Block pr...
gichurumwangi
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Exam (elaborations)
ECO 3101 Exam 1 Question and Answer 2024-2025
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9
March 2025
2024/2025
A+
-income
-tastes
-prices of substitutes and complements
-expectations
-population -- Question --determinants of demand
-scarcity
-reservation price
-opportunity cost
-ignore sunk costs
-absolute not proportional
-homo economicus
-marginal not average -- Question --the 7 fundamental economic concepts
gichurumwangi
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Exam (elaborations)
ECO 3101 Exam 1 Questions with Complete Answers.
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11
March 2025
2024/2025
A+
ECO 3101 Exam 1 Questions with Complete Answers
Things to KNOW - Correct Answers: #3, #12, #14, #15, #20, #28, #37, how to calculate if a good is normal or inferior
factors that shift the demand curve - Correct Answers: - income
- price of related goods
- expectations of future prices
- number of buyers
- tastes and preferences
Factors that shift the supply curve - Correct Answers: - input/resource prices
- technology
- taxes
- expectations of future prices
- number of sellers
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ECO 3101 Exam 1 Questions with Complete Answers
There are two goods: X and Y. A person has $50 in income. The price of X is $5 and the price of Y is $2. Which of the following bundles cannot be afforded? - Correct Answers: (0,30)
Consider a situation with two goods: Food (y-axis) and Shelter (x-axis). A person has an income of $100. The price of food is $10 per unit and the price of shelter is $10 per unit. If the price of shelter doubles, which of the following is TRUE? - Correct Answers:...
ECO 3101 Exam 1 Questions with Complete Answers
budget constraint - Correct Answers: the limit on the amount of goods that the consumer can buy due to the prices of the goods and the income. may or may not exhaust income
budget line - Correct Answers: shows all the combinations of the goods that the consumer can buy while exhausting their income
composite good - Correct Answers: encompasses all but one of the goods in the budget.
slope of budget line - Correct Answers: shows how much...
EXAMSTUVIA
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Exam (elaborations)
ECO 3101 MIDTERM Test Questions with Complete Answers.
ECO 3101 MIDTERM Test Questions with Complete Answers
the marginal rate of substitution of one good for another - Correct Answers: The slope of an indifference curve reveals
the assumption of diminishing marginal rate of substitution - Correct Answers: indifference curves are convex at the origin because
horizontal lines - Correct Answers: Envision a graph with meat on the horizontal axis and vegetables on the vertical axis. A strict vegetarian would have indifference curves that are:
...
EXAMSTUVIA
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