ECON 101 Study Guide - Midterm Guide: Bird Feeder, Proportional Tax, Demand Curve

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1 Oct 2018
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ECON 101 Full Course Notes
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Unless a question explicitly says otherwise, assume that all demand curves slope downward and all supply curves slope upward. True/false: an increase in consumer demand for a good will cause an outward shift in the ppf, true, false, suppose the government establishes a tax of 10% on all consumption goods. ,000 per year and spends all his income on consumption goods. Kate earns ,000 per year and spends 50% of her income on consumption goods. He can make a bird feeder in 1 hour. Initially, the firm is hiring 8 units of labor and 8 units of capital each hour and is producing 60 units of output each hour. The firm then decides to cut all of its inputs in half. When they do so, they end up producing 40 units of output per hour. Over this range of output, the firm is experiencing economies of scale: true, false.

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