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Economics Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Economics? On this page you'll find 2 study documents about Economics.
ECON 102 Midterm Exam 2, Part 1 Questions & Answers
Exam (elaborations) • 11
pages
• 2020
ECON 102 Midterm Exam 2, Part 1 Questions & Answers


A firm’s product price multiplied by the total number of items sold is called

total revenue


profit


explicit cost


implicit cost

A firm’s total revenue is equal to price multiplied by quantity.



Labor	Output
1	0
2	8
 
3	14
4	18
5	20

Consider the table above. What is the average product when 4 workers are	hired?

80


20


4.5


2

The average product of labor is calculated as Q/L.




Consider the figure above. Which statement ...
ECON 102 Midterm Exam 2, Part 1 Questions & Answers
Last document update:
ago
ECON 102 Midterm Exam 2, Part 1 Questions & Answers


A firm’s product price multiplied by the total number of items sold is called

total revenue


profit


explicit cost


implicit cost

A firm’s total revenue is equal to price multiplied by quantity.



Labor	Output
1	0
2	8
 
3	14
4	18
5	20

Consider the table above. What is the average product when 4 workers are	hired?

80


20


4.5


2

The average product of labor is calculated as Q/L.




Consider the figure above. Which statement ...
ECON 402 HOMEWORK 5 Solution

1. This problem is related to the discussion of what happens in the Bertrand Competition

model once we introduce capacity constraints (see Chapter 11). Consider a Bertrand,

price-competition model between two _rms with capacity constraints.

Suppose the market consists of 20 consumers, each of which will purchase one unit

of the good. Suppose that each consumer is willing to pay at most $2:00 for the good.

Suppose that each unit can be produced at a cost of $0:...
ECON 402 HOMEWORK 5 SOLUTION- 100% Correct (Latest 2020)
Last document update:
ago
ECON 402 HOMEWORK 5 Solution

1. This problem is related to the discussion of what happens in the Bertrand Competition

model once we introduce capacity constraints (see Chapter 11). Consider a Bertrand,

price-competition model between two _rms with capacity constraints.

Suppose the market consists of 20 consumers, each of which will purchase one unit

of the good. Suppose that each consumer is willing to pay at most $2:00 for the good.

Suppose that each unit can be produced at a cost of $0:...
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