ENRM 1002 EXAM LATEST UPDATE
Supply - Answer the quantity of a good sellers wish to sell at a conceivable price
Demand - Answer the quantity of a good consumers with to buy at a given price
Quantity Supplied - Answer the exact quantity of a good supplied at a given price
Quantity Demanded - Answer the exact quantity purchased at a given price
Excess Supply - Answer when quantity supplied exceeds the quantity demanded at the
going price
Excess Demand - Answer when quantity demanded exceeds the quantity supplied at a
given price
Consumer Price Index - Answer average price level for consumer goods and services
Inflation/Deflation Rate - Answer annual percentage increase or decrease in the level of
consumer prices
Real Price - Answer the actual price adjusted by the general (consumer) price level in
the economy
Factors that change demand - Answer price of related
goods(substitutes/complimentary) expected future prices
consumer income
taste and fashion
Factors that change supply - Answer Technology
Input Cost
Numbers of suppliers
Opportunity cost - Answer the value of the next best alternative use of a resource
Hotelling Rent - Answer The profit created from intertemporal resource scarcity.It is the
Producer surplus in dynamic resource allocations
Economic Rent - Answer positive economic profits due to scarcity or some other form of
advantage = amount paid - minimum returns in alternative investment
Resource Rents - Answer economic rents enjoyed by owners of natural resources
Marginal User Cost - Answer the PV of Marginal Profit of the last unit of a good used by
society, at the dynamically efficient point.
Selling one more unit now forgoes MUC from future sales
Supply - Answer the quantity of a good sellers wish to sell at a conceivable price
Demand - Answer the quantity of a good consumers with to buy at a given price
Quantity Supplied - Answer the exact quantity of a good supplied at a given price
Quantity Demanded - Answer the exact quantity purchased at a given price
Excess Supply - Answer when quantity supplied exceeds the quantity demanded at the
going price
Excess Demand - Answer when quantity demanded exceeds the quantity supplied at a
given price
Consumer Price Index - Answer average price level for consumer goods and services
Inflation/Deflation Rate - Answer annual percentage increase or decrease in the level of
consumer prices
Real Price - Answer the actual price adjusted by the general (consumer) price level in
the economy
Factors that change demand - Answer price of related
goods(substitutes/complimentary) expected future prices
consumer income
taste and fashion
Factors that change supply - Answer Technology
Input Cost
Numbers of suppliers
Opportunity cost - Answer the value of the next best alternative use of a resource
Hotelling Rent - Answer The profit created from intertemporal resource scarcity.It is the
Producer surplus in dynamic resource allocations
Economic Rent - Answer positive economic profits due to scarcity or some other form of
advantage = amount paid - minimum returns in alternative investment
Resource Rents - Answer economic rents enjoyed by owners of natural resources
Marginal User Cost - Answer the PV of Marginal Profit of the last unit of a good used by
society, at the dynamically efficient point.
Selling one more unit now forgoes MUC from future sales
