ECO 5305 Final Exam Answers underlined in yellow 1. Fixed costs include: a. variable labor expenses. b. output-related energy costs. c. output-related raw material costs. d. variable interest costs for borrowed capital. 2. Marginal 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
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1a) Explain how the different features of monopolistic competition and oligopoly affect price and output determination in these market structures. Both monopolistic competition (MPC) and oligopoly generally determine price and output based on the profit-maximising condition that marginal cost (MC) equals to marginal revenue (MR). Due to the different features of both monopolistic competition and oligopoly such as the barriers to entry (BTE)‚ which affects the number of sellers as well as market
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Micro Chapter 25 Practice Questions Key 1. Derived demand is the demand: A) that arises because of monopoly control of resources in a market. B) for a product based on the tastes and preferences of consumers. C) derived from consumer satisfaction with a product. D) for a resource to produce a product. Answer: D 2. Marginal revenue product is the increase in: A) total revenue from a decrease in the price of the product. B) marginal revenue from a decrease in the price of the product
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graphs) Interpretation and Analysis of Data Interpret data in terms of the aim and objectives stated Apply Economics concepts and principles aimed at solving economic problems- when analyzing data) Put the following on the same page ~FIndings State your findings and outline explanations for them ~Recommendations These should be based on the findings. Suggest Measures for their implementation. Bibliography
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Professor‚ Centre for Corporate Education‚ Training & Consultancy‚ IGNOU‚ New Delhi Email:nayantara@ignou.acin Starting with two courses and 4‚000 students in 1985‚ IGNOU has reached the ladder of success being the world’s largest mega university‚ most diverse and inclusive institution offering over 3500 courses and catering to over 2.5 million students. IGNOU is committed to be accessible to all by ensuring learner convenience through its unique ‘age no bar‚ place no bar and pace no bar’
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Terry v. Ohio was a court decision made in 1968 that still affects how police conduct their operations to this day. This case gave special liberties to police officers which would otherwise be in conflict with the Fourth Amendment. The Fourth Amendment states " the right of the people to be secure in their persons‚ house‚ papers‚ and effects‚ against unreasonable searches and seizure‚ shall not be violated‚ and no Warrants shall issue‚ but upon probable cause‚ supported by Oath or affirmation‚ and
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high school is choosing the right university. We are all aware how that is a decision that determines our future life. First problem that we face is choosing the most suitable major‚ and than our decision gets stuck on choosing the university that would provide it in the best way. You have often heard dilemmas and discussions about foreign universities and state ones. Webster University as a representative of a foreign university is similar to my state university of Bosnia but there are some great
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Econ Answers Chapter 3 The price of train travel increases by 10% and the demand for train travel falls by 12.5%. The price elasticity of demand for train travel is – -1.25 The short run (retail) supply of freshly cut flowers is much less elastic than that of pot plants because: -florists cannot keep freshly cut flowers as long as pot plants If demand drops to zero at the slightest increase in price‚ demand is: - Perfectly elastic Price elasticity of supply will be greater when: - firms hold large
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on cars because that is what the people want. It would Allocative inefficiency if we create too much or too little‚ that would cause a shortage or a surplus. This would affect scarcity the same way that it did with the grain overproduction in the states. Equity is the fair distribution of income‚ or goods and services. This cannot be reduced do to the fact
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diminishing marginal productivity at times is referred as the flowerpot law. The reason being is that if it doesn’t “hold true‚ the world’s entire food supply could be grown in one flowerpot.” (Colander‚ 2010) The law of diminishing marginal productivity states that with the addition of variable input being add to a fixed input‚ the additional output that firm acquire will ultimately decrease. For instance‚ a factory has room for so many people. As we exceed that amount‚ everything will simply be cluttered
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