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Examen

ECO 3101 Final Study Guide Questions and Answers 2024-2025
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9

marzo 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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Examen

ECO 3101 Final Exam Questions and Answers 2024-2025
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19

marzo 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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Examen

ECO 3101 Exam 1 Question and Answer 2024-2025
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9

marzo 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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Examen

ECO 3101 Exam 1 Questions with Complete Answers.
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11

marzo 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 ...
EXAMSTUVIA
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Examen

ECO 3101 Exam 1 Questions and Complete Answers.
Disponible en un paquete

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6

marzo 2025

2024/2025

A+
Disponible en un paquete
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:...
EXAMSTUVIA
$18.49 Más información

Examen

ECO 3101 Exam 1 Questions with Answers.
Disponible en un paquete

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6

marzo 2025

2024/2025

A+
Disponible en un paquete
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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Examen

ECO 3101 MIDTERM Test Questions with Complete Answers.
Disponible en un paquete

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10

marzo 2025

2024/2025

A+
Disponible en un paquete
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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