ECP3704 EXAM 2 EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
Linear Production Functions - ANSWERS-Inputs are perfect
substitutes
Leontief Production Functions - ANSWERS-Inputs are used in
fixed proportion
Cobb-Douglas Production Function - ANSWERS-Inputs have
a degree of substitutability.
Marginal Product of Labor - ANSWERS-Change in Q/Change
in L
Measures the output produced by the last unit of Labor
,Marginal Product of Capital - ANSWERS-Change in
Q/Change in K
Measures the output produced by the last unit of Capital
What is the maximum amount of good Y that can be
purchased if X and Y are the only two goods available for
purchase and PX = $10, PY = $15, X = 30, and M = 600?
10
15
20
25 - ANSWERS-20 M=PX(X) + PY(Y)
A cash gift causes the budget line to
Shift to the right in a parallel fashion
Shift to the left in a parallel fashion
Rotate clockwise
None of the statements associated with this question are
correct - ANSWERS-Shift to the right in a parallel fashion
Indifference curves further from the origin imply
A higher level of satisfaction
A lower level of satisfaction
, The same level of satisfaction as any other curve
None of the statements associated with this question are
correct - ANSWERS-A higher level of satisfaction
A≻B means
Bundle A is not preferred to bundle B
Bundle A is preferred to bundle B
Bundle A is equally preferred to bundle B
Bundle A is greater than bundle B - ANSWERS-Bundle A is
preferred to bundle B
The marginal rate of substitution (MRS) determines the rate
at which a consumer is willing to substitute between two
goods in order to achieve
A higher level of satisfaction
A lower level of satisfaction
The same level of satisfaction
None of the statements associated with this question are
correct - ANSWERS-The same level of satisfaction
The maximum quantity of good X that is affordable is:
M/PY
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+ 2025 – 2026
Linear Production Functions - ANSWERS-Inputs are perfect
substitutes
Leontief Production Functions - ANSWERS-Inputs are used in
fixed proportion
Cobb-Douglas Production Function - ANSWERS-Inputs have
a degree of substitutability.
Marginal Product of Labor - ANSWERS-Change in Q/Change
in L
Measures the output produced by the last unit of Labor
,Marginal Product of Capital - ANSWERS-Change in
Q/Change in K
Measures the output produced by the last unit of Capital
What is the maximum amount of good Y that can be
purchased if X and Y are the only two goods available for
purchase and PX = $10, PY = $15, X = 30, and M = 600?
10
15
20
25 - ANSWERS-20 M=PX(X) + PY(Y)
A cash gift causes the budget line to
Shift to the right in a parallel fashion
Shift to the left in a parallel fashion
Rotate clockwise
None of the statements associated with this question are
correct - ANSWERS-Shift to the right in a parallel fashion
Indifference curves further from the origin imply
A higher level of satisfaction
A lower level of satisfaction
, The same level of satisfaction as any other curve
None of the statements associated with this question are
correct - ANSWERS-A higher level of satisfaction
A≻B means
Bundle A is not preferred to bundle B
Bundle A is preferred to bundle B
Bundle A is equally preferred to bundle B
Bundle A is greater than bundle B - ANSWERS-Bundle A is
preferred to bundle B
The marginal rate of substitution (MRS) determines the rate
at which a consumer is willing to substitute between two
goods in order to achieve
A higher level of satisfaction
A lower level of satisfaction
The same level of satisfaction
None of the statements associated with this question are
correct - ANSWERS-The same level of satisfaction
The maximum quantity of good X that is affordable is:
M/PY
