Econ 302

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ECON 302 - EXAM 1 Questions & Answers (McLeod) Solved 100%
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Consumer Theory Assumption: - Answer A consumer will choose the best bundle of goods and services that he or she can afford Rational Behavior - Answer People do not make decisions that intentionally make them worse off Budget Constraint Definition - Answer Shows the set of all bundles that a consumer can afford Budget Constraint Assumption - Answer There are two goods: Good X and Good Y Budget Constraint Formula - Answer Px(X) + Py(Y) = M Slope of Budget Constraint - Answer - Px /...
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Econ 302 Exam 1 Questions & Answers Solved 100%
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Price-Consumption Curve (PCC) - Answers Shows how the consumer's optimal bundle changes when the price of a good changes while holding the price of other goods and income constant Steps for PCC: U(X,Y) = X*Y - Answers 1) Use M/Px and M/Py to draw all budget constraints 2) X* = (α/(α+β)) * (M/Px) and Y* = (β/(α+β)) * (M/Px) and plot these points on the budget constraint [for each Px]; connect points to form the PCC 3) Make a table with Px, X, and Y 4) Plot Px on y-axis and X on x-ax...
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Econ 302 Exam 1 Questions & Answers Latest Updated
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In the supply and demand model, we assume that there are _____ buyer(s) and _____ seller(s) in the market. - Answer Many; Many Which of the following factors shift the demand curve? I)Consumer Income II)Price of the Good III)Prices of Substitute Goods IV)The Number of Consumers - Answer I, III, IV Electric guitars and amplifiers are complement goods, and electric guitars and acoustic guitars are substitute goods. A decrease in the price of amplifiers _____ the number of electric guitar...
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Econ 302 Exam 1 With Complete Solution
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rational behavior - Answer a consumer will choose the best bundle of goods that he or she can afford bundle of goods - Answer a collection of goods, amount is specified budget constraint - Answer what we "can afford", limited based on how much money they have vs. the price of the good "what is the best" - Answer best bundle of goods is based on consumers' preferences ex-ante behavior - Answer consumers don't make choices that make them worst off, "before the fact", make decis...
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ECON 302 Exam 2 Questions With Correct Answers
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The law of diminishing marginal returns assumes that A. Additional inputs are added in smaller and smaller increments B. there is at least one fixed input C. All inputs are changed by the same percentage D. All inputs are held constant - Answer B If indifference curves cross, then A. Consumers minimize their satisfaction B. The assumption of a demising marginal rate of substitution is violated C. The assumption of completeness is violated D. The assumption of transivity is violated E...
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Econ 302 Exam 1 Questions With Verified Answers
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Marginal Rate of Transformation - Answer the rate at which a consumer can trade one good for another -the amount of good y that a consumer has to give up in order to obtain an extra unit of good x -slope of the budget constraint -value is -Px/Py Marginal Rate of Substitution - Answer the rate at which a consumer is willing to trade one good for another -the amount of good y that a consumer is willing to give up to obtain an extra unit of good x -slope of the indifference curve -value is...
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Econ 302 Exam 4 Tophat Questions With Verified Answers
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In the Keynesian cross diagram, if the marginal propensity to consume is 0.75, then a $100 million increase in government spending will increase output by - Answer $400 million If the marginal propensity to consume is 0.75 and the interest rate is fixed, then a $100 million increase in taxes will eventually change equilibrium output by - Answer -$300 million For any given interest rate, a decrease in government spending causes the planned expenditure curve to shift ---- and the IS curve to...
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Econ 302 Exam 3 Questions With Verified Answers
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Profit - Answer difference between revenue and total cost pi(q) = R(q)-TC(q) Revenue - Answer Price multiplied by quantity R = P*q Price Talker - Answer When firms (or buyers) take the market price as given and make their selling (or buying) decisions accordingly. Level of output has no effect on price. For price takers, Price = Marginal Revenue Firms are more likely to be price takers when - Answer -there are many buyers and sellers -there is product homogeneity -the market has fre...
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Econ 302 Exam 2 Questions & Answers Latest Updated
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price- consumption curve - Answer curve tracing the utility maximizing combinations of two goods as the price of one good changes individual demand curve - Answer a curve that relates the price of good x to the quantity of good x that a consumer will buy holding all other factors -as price falls, consumers can attain higher levels of utility -each point of the idc represents a utility maximizing choice by the consumer income- consumption curve - Answer curve tracing the utility- maximi...
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ECON 302 EXAM 1 Questions & Answers Graded A+
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Budget Constraint - Answer represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income Marginal Rate of Transformation - Answer the rate at which a consumer is able to trade one good for another, the amount of good Y a consumer must give up to obtain an extra unit of good X, the slope of the budget constraint Utility Function - Answer a mathematical way to represent a consumer's preferences Marginal Utility - An...
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