Marginal utility Study guides, Class notes & Summaries
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ECON 2001 QUIZ MARGINAL UTILITY, SUPPLY, DEMAND Q & A 2024.
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(Answered) Final Exams ECON 1580 Introduction to Economics Latest Fall 2023
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Final Exams ECON 1580 Introduction to Economics Question 1 If the price of chocolate-covered peanuts increases and the demand for strawberry licorice twists increases, this indicates that these two goods are: a. unrelated goods. b. superior goods. c. inferior goods. d. substitute goods. Question 2 A decrease in the demand facing a monopoly firm would _______ quantity and _______ price. The demand is inelastic. a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decreas...
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ECON 705 Mod. 6 Self-Assessment Test with Solutions
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ECON 705 
Mod. 6 Self-Assessment Test with Solutions 
 
 
1.	The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm 
Select one: 
 
a.	produces a complementary good. 
 
b.	faces perfectly elastic demand for its product. 
 
c.	produces a perfect substitute for the other products in the industry. 
 
 
 
2.	All of the following could be a barrier to entry except Select one: 
a.	large economies of scale. 
 
b.	occupational licenses (e.g., teac...
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ECS2604 EXAM PACK 2023
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7.5 Assignments 
7.5.1 First semester assignments 
SEMESTER 1 
ASSIGNMENT 01/2018 
CLOSING DATE: 02 March 2018 
UNIQUE NUMBER: 
WEIGHT: 40% of semester mark 
TL501: Learning units 1 – 4 
Prescribed Book: Chapters 1 – 4 
This assignment contributes 40% towards your semester mark. 
Please ensure that this assignment reaches the University before the due date. 
Answer all the questions on a mark-reading sheet or on myUnisa. 
IMPORTANT! The first ten multiple choice questions of thi...
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BSNS exam prep Multiple Choice Questions And Correct Answers. Over 100 Q&A
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BSNS exam prep Multiple Choice Questions And Correct Answers. Over 100 Q&A 
 
At her current level of consumption, a consumer is willing to pay up to $1.50 for a bottle of eater and up to $1,500 for a diamond ring because the 
a. total utility of diamond rings is greater than the total utility of water 
b. total utility of water is less than the marginal utility of a diamond ring 
c. marginal utility of a bottle of water is less than the marginal utility of a diamond ring 
d. marginal utility of...
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ECON 3100 Final Exam Questions with Correct Answers
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A single indifference curve in the individual choice model of labor supply shows: Correct Answer-the tradeoff between income and non-market time for a given level of utility. 
 
Sally is indifferent between (1) working 8 hours a day and earning $160 a day and (2) working 9 hours a day and earning $200 a day. This implies that: Correct Answer-When Sally makes $160 in an 8 hour job, she puts a $40 value on the non-market time foregone to work a 9th hour. 
 
In the individual choice model of labor ...
ECON 2001 QUIZ MARGINAL UTILITY, SUPPLY, DEMAND Q & A 2024
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ECO 2023 Exam 2 || A+ Graded Already.
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Law of diminishing marginal utility correct answers The basic economic principle that as the consumption of a product increases, the marginal utility derived from consuming more of it (per unit of time) will eventually decline 
 
marginal utility correct answers the additional utility, or satisfaction, derived from consuming an additional unit of a good 
 
marginal benefit correct answers the maximum price a consumer will be willing to pay for an additional unit of a product. It is the dollar va...
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Virtual SC Economics Honors Final Review Questions with Verified Solutions
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Virtual SC Economics Honors Final 
Review Questions with Verified 
 
Solutions 
 
What does Point A identify? 
Underutilized resources 
 
What does the outward shift of the curve represent? 
Economic growth 
 
An economy operating on its production possibilities curve has which of the following? 
is efficient 
 
How would you describe an economy that is using its resources in a way that will maximize 
production? 
efficient 
 
Which of the following would result in a change in the production pos...
![ECS3708 ASSEMMENT 2 SEMESTER 1 2024 Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L) is explained by: U(C,L)=(C-200)(L-80) 	Assuming that there are 168 hours in a week available to allocate between work and leisure.](/docpics/5244995/663ced7833a5b_5244995_121_171.jpeg)
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ECS3708 ASSEMMENT 2 SEMESTER 1 2024 Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L) is explained by: U(C,L)=(C-200)(L-80) 	Assuming that there are 168 hours in a week available to allocate between work and leisure.
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ECS3708 ASSEMMENT 2 SEMESTER 1 2024 
 
Suppose that the consumer’s weekly utility function for consumption (C) and leisure (L) is explained by: 
U(C,L)=(C-200)(L-80) 
	Assuming that there are 168 hours in a week available to allocate between work and leisure. If you earn R5 per hour and you also receive a social grant of R350 each week. 
 
	Consider a firm that uses only labour to produce output Q. If the production function is given as: 
Q=3L^2+1/2 L-3/5 L^3 
	Determine the marginal product ...
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