and has the short-run total cost function C = 640 + 20Q. What is the profit-maximizing level of output? What are profits? Graph the marginal revenue‚ marginal cost‚ and demand curves‚ and show the area that represents deadweight loss on the graph. 3. In question 2‚ what would price and output be if the firm priced at socially efficient (competitive) levels? What is the magnitude of the deadweight loss caused by monopoly pricing? 4. Show that if a firm is a natural monopoly‚ a government policy that
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cost equals: a. average variable cost at its maximum point. b. the change in total fixed cost divided by the change in quantity. c. the change in total variable cost divided by the change in quantity. d. total cost divided by quantity. 3. If a total product curve exhibits increasing returns to a variable input‚ the cost elasticity is: a. equal to one. b. greater than one. c. unknown‚ without further information. d. less than one. 4. A firm’s capacity is the output: a.
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satisfied due to limited resources. 2 Why is money not considered as “capital” in economics? Money is not a productive resource. It is used for purchasing resources. Capital in economics can actually be used to produce goods and services. 3 Explain the difference between macroeconomics and microeconomics. Give example of the areas of concern to each branch of economics. Micro: individual unit. Eg household‚ market‚ industry Macro: economic behavior of aggregate (national level) Eg
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Quota. The decrease in Welfare defined as the total surplus depends on the tax and quota being compared. Both a Quota and a Tax lead to higher prices and less of the good being produced and purchased. The Dead Weight Loss for each could be the same. 3. (5 pts) A technology shift that reduces costs will cause total surplus to fall if there is a sufficiently large reduction in producer surplus True – Total Surplus equals Consumer Surplus plus Producer surplus. If a technology shift causes producer
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Bio112 Lecture Quiz- 10/9/2010 Answer Key 1. The scientific study of life is called: A. biology B. ecology C. anatomy D. biochemistry E. limnology 2. Human beings are _______________ because they are composed of many cell types. A. unicellular B. acellular C. asymmetrical D. autotrophic E. multicellular 3. A/an _______ is composed of a group of similar cells that perform a particular function. A. organ B. system C. organism D. tissue E. population 4. Choose the CORRECT order (1-5) of increasing
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Fear of Food Quiz 1 * * Question 1 0.5 out of 0.5 points | | | Prepare: Read pages 1 & 2 in Fear of Food by Harvey Levenstein.Question: The author refers to a phenomenon called the “omnivore’s dilemma.” Which of the following is best describes the eating habits of an omnivore?Answer | | | | | Selected Answer: | Black bears eat trout‚ elk‚ and bison as well as berries‚ nuts‚ roots‚ and honey. | | | | | * Question 2 0.5 out of 0.5 points | | | Prepare:
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QUIZ # 3: BMGT 110 SECTION I 1. One or more of your colleagues encountered the quote‚ which follows. And at first they gave it little or no thought. It read: “[p]rovide America’s taxpayers top quality service by helping them understand and meet their responsibilities and by applying the tax law with integrity and fairness to all”? In a couple of words what kind of statement is this: IRS Mission Statement. 2. Which type of merger is likely to receive the closest examination by the
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resources are abused. even in the richest country some people go hungry. no country can produce enough products to satisfy everybody’s economic wants. it is impossible to produce too much of any particular good or service in a market economy. | 3. (TCO 1) Are the goods that businesses offer for "free" to consumers also free to society? (Points : 1) | Yes‚ because the individual consumer does not have to pay for them. Yes‚ because the marginal benefit is greater than the marginal cost. No
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PERSONAL FINANCE WEEK TWO QUIZ 1. Which of the following is the smartest way to handle allowance for children and teens? a. Pay your children and teens according to the work that they do. b. Never pay for chores of any type‚ since children of all ages should be expected to help out as members of the family. c. Increase allowance annually based on the child’s age. d. Give allowance when children have performed well in school or exhibited exemplary behavior. 2. When you talk to your children
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Econ 301 Intermediate Macroeconomics‚ Professor __________ Park University Online‚ Fax _________________ Final Exam (Weight 300 Points) STUDENT’S NAME ______________________________ Multiple choice Questions. (Weight 5 points each) Choose the best answer. 1) The unemployment rate is the number of ? 2) The value of steel sold to an automobile producer is __________ directly included in the GDP because __________. 3) In the simplest Keynesian model of the determination of income‚ interest
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