ECON 101 Exam Solutions Winter 2018: Social Cost, Economic Equilibrium, Monopolistic Competition

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16 Oct 2018

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ECON 101 Full Course Notes

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The formula for deadweight loss is the same as the formula for the area of a triangle. Understand the characteristics of the different types of indifference curves. Understand the characteristics of the different types of markets: the correct answer is c. the law of supply suggests that as price increases, producers have more of an incentive to provide their goods and services. The converse is true: consumers will have an incentive to consume more with a subsidy. A new equilibrium price and quantity will be established. From the data, an equilibrium quantity of 3000 will be produced and consumed when producers receive a . 30 cent subsidy and charge consumers. The marginal cost is the price plus the subsidy or . 50: the correct answer is c. this question tests our understanding of fixed, variable, and marginal costs. So if rent is increased by a week, its average fixed curve should shift upward.

Related Questions

If the price is P3, then the total revenue is represented by areas:

A) B + C + D

B) E + F + G

C) B + C + D + E + F + G

D) A + B + C + D + E + F + G

greymouse15

Part (b) [1 MARK] The list below is shown after each pass of a sorting algorithm. ['M', 'A', 'D', 'E', 'B', 'F', 'C'] # initial list | Which sorting algorithm is being executed? (circle one) (a) bubble sort ('A', 'M', 'D', 'E', 'B', 'F', 'C'] # after one pass ('A', 'B', 'D', 'E', 'M', 'F', 'C'] # after two ['A', 'B', 'C', 'E', 'M', 'F', 'D'] # after three ('A', 'B', 'C', 'D', 'M', 'F', 'E'] # after four ('A', 'B', 'C', 'D', 'E', 'F', 'M'] # after five (b) selection sort (c) insertion sort

2.00 2.00 A t 2.00 # 2.00 2. Refer to the diagrams above. Suppose a sales tax of $1 is imposed on the producer. In which market would the seller pay the highest portion of the tax? a. (a). b. (b). c. (c). d. (d). e. all markets equally.

ECON 101 Exam Solutions Winter 2018: Social Cost, Economic Equilibrium, Monopolistic Competition

ECON 101 Full Course Notes

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