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ECON102 Study Guide - Final Guide: Marginal Cost, Price Ceiling, Economic Equilibrium

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coralhyena595
3 Mar 2015
School
University of Waterloo
Department
Economics
Course
ECON102
Professor
Wokia Kumase

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ECON102 Full Course Notes
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ECON102 Full Course Notes
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Document Summary

Hint: think about how goods a and b are related. Original equilibrium at 1: refer to figure 3. 5. 2, which represents the market for beans. This suggests that the price elasticity of demand for apples is: elastic, unit elastic, inelastic, perfectly inelastic, perfectly elastic, when the price of a good increased by 5 percent, the quantity demanded of it decreased 10 percent. The price of a movie ticket is and the price of a bus ticket is . What is david"s real income: , 5 movie tickets or 15 bus tickets, , , 15 movie tickets or 5 bus tickets. Figure 9. 3. 1: consider the budget line and indifference curve in figure 9. 3. 1. The company cannot, however, increase electric power production by building additional generating capacity. This means that the company is operating in the: short run, long run, immediate run, intermediate run, market run. Figure 11. 3. 2: refer to figure 11. 3. 2, which illustrates short-run average and marginal cost curves.

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Related Questions

2) Which one of the following concepts is not illustrated by a production possibilities frontier? A) monetary exchange B) scarcity C) attainable and unattainable points D) opportunity cost E) the tradeoff between producing one good versus another Use the table below to answer the following questions. Table 1 Production Possibilities Possibility Kilograms of Butter Guns

11) Which one of the following concepts is illustrated by a production possibilities frontier? A) profit B) the tradeoff between producing one good versus another C) consumption D) monetary exchange E) investment

14) Which one of the following concepts is not illustrated by a production possibilities curve? A) scarcity B) monetary exchange C) opportunity cost D) attainable and unattainable points E) the tradeoff between producing one good versus another Use the figure below to answer question 15.