Scheduled maintenance: Saturday, September 10 from 11PM to 12AM PDT Show
Home Subjects Solutions Create Log in Sign up Upgrade to remove ads Only ₩37,125/year
Terms in this set (60)You are looking at the market for blue jeans. consider these two things happening seperately #1 will shift the supply curve left and #2 will shift the demand curve right The demand for your product is P=640-6Q. The supply of your product is P=64+2Q. Assume your market is in equilibrium. What is the consumer surplus 15,552 The difference between allocative efficiency and productvie efficiency is that... Productive efficiency means that
goods/services are produced at the lowest possible cost You are looking at the market for Apple Pies. Consider these two things happening separately Niether 1 or 2 What does the term "ceteris paribus" mean? All other things held constant You are looking at the market for tortilla chips, consider these two things happening at the same time A higher equilibrium pricer and we coannot say about equilibrium quantity Your demand equation is P=190-2Q and your supply equation is P=10+3Q. Market is at equilibrium. Calculate equilibrium P&Q. Now assume the sellers in this market expect the price to increase in the future. After any/all curves have shifted which of the
following is most likely to be the NEW quantity in the market? Why? 32 Supply curve will shift left so less supply Assume 32 is your Q at equilibrium and your demand equation is P=190-2Q and your supply equation is p=10=3Q what is the consumer surplus in this market Consumer surplus of 1024 P=190-2Q and P=10+3Q Q=36. If a price ceiling of $100 is establishhed in this market what will we see as a result a shortage of 15 units Product X and Y are compliments. if P of product Y increases, what will we see in the market for product X recagding demand, increase or decrease? Demand shift left, which is a decrease in demand Looking at market for cable t.v. You open the paper and read 1. All cable t.v. companies have upgraded their networks (improved technology) and, at the same time the price of satellite t.v., a subs. for cable t.v., has decreased. In the market for cable tv we will see demand and suppy Demand shift left and supply shift right ***The price of cotton, an input to blue jeans, has decreased. At the same time, the makers of blue jeans have installed new tech. In the market for blue jeans after any/all curves have shifted what will we see a lower equalibrium price and a higher equalibrium quantity If sellers of hoverboards expect price to decrease in future supply will shift _____ today and if buyers of hoverboards expect the price to decrease in the future we will see demand shift ____ today shift right; shift left ***YOur demand eqn is P=140-Q and your supply eqn is P=20+3Q. $20 unit tax is placed on the seller of this good. where is the majority of the burden The majority of the burden of this $20 tax willl fall on the seller of this product The market for running shoes, that market is in equilibrium. Now assume the makers of running shoes introduced
new/improved tech for making shoes, after any/all curves have shifted what happens to CS increased Product X and Y are complements' if the price of Y increases the demand curve for X will shift.... left A normative statement opinion A positive statement fact Which is the best example of a product/service that is excludable but nonrival C. The demand for chili chees fritos would be more _____ than the demand for snack chips in general elastic What percent of ppl in the U.S do not have health insurance and is this % increasing, decreasing, or staying the same 10% decreasing You have product X, you know product X is an inferior good. now you also have product Y, and when product Y decreased, demand for product X increased, What do we know for sure are they substitutes or complements Product X and Y are complements if X (an inferior good) and Y are complements what do we know about the income elasticity of demand for X negative elasticity of demand eqn Q2-Q1 Price elasticity for Product A is .60 B 96 Revenue eqn price*units sold which were factors that were and were not key drives of increasing health care all NOT key factors Prodcut Z exhibits a negative externality so what would you do to incorporate this externality in reality placing a tax on this good if 1.11 is the price elasticity of demand and the price elasticity of supply is .70. then where does the "burden" fall if a tax is placed on this good The 'burden' would fall on the seller match countries to healthcare Japan US - 3rd party If income elasticity of deman is a positive number and is small like, .09, what do we know normal good and a necessity Demand curve is P=240-4Q, what is the price elasticity of demand for this good as the price changes from 64 to 56 .31 The Affordable Care Act requires what of all employers employers with more than 200 full time employees must offer health insurance to their employees When one party to a transaction has more information than the other party AND USES THIS INFO TO TAKE ADVANTAGE of the party with less information Adverse Selection if your product is a necessity and is also a small part of the consumers' budgets, how would you price your product to increase revenues increase price because demand is inelastic market failure when the market... left to its own... fails to produce the best/optimal output Which can be described as non-rival but excludable toll road Assume a country is engaged in free trade, and then either a tariff/quota is placed on imports. Which is most likely to happen none will occur What are the 4 sources of compartitive advantage Relative abundance of labor fixed costs are 40. When Q=8. total costs =450. Q=9 marginal cost =13. what is the AVC when Q= 9 47 Greece can produce 100 tons of wine or 60 tons of olives what is the opportunity cost of producing 1 ton of olives to ___ tons of wine 1.67 tons of wine laor is your only variable input. $300 wage per worker. when you are emplying 5 workers total output is 375 units. What is the AVC when you are producing this level of output. $4 marginal product is the change in ______ divided by the change in ______ , while marginal cost is the change in _____ divided by the change in ______ change in total quantity change in total costs none of the above on test in long-run phonomenon where your avg total costs, or cost per unit, decreases as you produce more output economies of scale Largest countires to whome U.S exports in order Canada Mexico China ****you own a pizza restuarant. you hire as many cooks as you want. if you higher 2 cooks the AP is 36 pizzas. if you hire a 4th cook the MP of the 4th cook is 12 pizzas. Upon hiring 4 cooks your TP is ______ and your AP is ______ 120;30 your firm is a coffee shop. you Fixed costs are the shop, $1200. your variable costs are the workers , $160. employing 3 workers your average product is 48 cups of coffee your average total cost is about $11.67 an arguement in support of tariffs and quotas tariffs are a good way to increase government revenues and reduce the deficit Barriers to entry include Economies of scale assume your firm operates in a perfectly competitive market. you are producing output of 12 ( Q=12). and at that level of output, P=$22 and FC $136, and VC=$80. what is profit per unit at output = 12 4 which do these two statements describe describes both monolistic competition and monopoly That market for lawn mowing and trimming service in KC metro area is considered..... monolistic competiton in perfect competiton the firm will "shut down" if the mark price is below what Average Variable Cost if the herfindahl index for this market is 2500>x>1500 and a merger is proposed between two firms than the merger might be challenged depending on the change to the herfindahl index If a firm is gaining profits and operates in a monopolistically competitive market what will happen next in the market new firms will enter the market 1. the market for electricity in LFK ( not regulated) 1 3 2 four firm concentration ratio % of the market controlled by the 4 largest firms in the market The supply curve for the perfectly competitive firm is also the firms marginal cost curve because in monopolistic competiton products are differentiated even after all the firms have entered the market P will not equal MC 1. Easy to enter the market as a seller 1 but not 2 Sets with similar termsEcon Quizzes51 terms emblair quiz 347 terms donika95 Microeconomics final60 terms tp130390 Module 240 terms Emma_Seger1 Other sets by this creatorParlor Cocktail Recipes25 terms hollyn_rezac Exam 298 terms hollyn_rezac HSES 248 Midterm130 terms hollyn_rezac Exam 1 (ch 1 -3)49 terms hollyn_rezac Other Quizlet setsPhys Lab Exam 144 terms gpeardon97 special senses76 terms hannah_holcomb65 Chapter One- Section Two Notesheet30 terms lindseidel7 test 2- practice questions62 terms aeknupp24PLUS Related questionsQUESTION What does Egri mean by his assertion, "Life is change"? 9 answers QUESTION When performing a rectal examination on a male patient in a standing position, which instruction do you give him? 3 answers QUESTION Imagine you lived during the Tang dynasty and were sitting on the deck of a ship. Which new invention, created in China, could you now rely on to help you navigate the open ocean? 2 answers QUESTION What nerves give general sensation to the tongue 7 answers What will happen to the supply curve when changes in new technology?When a new technique of production reduces the cost of production, the supply curve shifts to the right. Improvement in technology reduces the cost of production per unit and increases the profit margin of producers. Hence the supply increases and shifts the curve to the right.
What will happen to the supply curve if a new technology is developed that makes workers more productive?Technological advances that improve production efficiency will shift a supply curve to the right. The cost of production goes down, and consumers will demand more of the product at lower prices. Computers, televisions and photographic equipment are good examples of the effects of technology on a supply curve.
What will happen to supply as new technology is created?New technology
A technological improvement that reduces costs of production will shift supply to the right, causing a greater quantity to be produced at any given price.
What can cause a supply curve to shift?Factors that can shift the supply curve for goods and services, causing a different quantity to be supplied at any given price, include input prices, natural conditions, changes in technology, and government taxes, regulations, or subsidies.
|
What would happen with the supply curve for televisions if a new company started making them
zusammenhängende Posts
Urheberrechte © © 2024 defrojeostern Inc.
