Supply and Demand Essay Sample
* Question 1
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| Duopolists A and B face the undermentioned demand curves: QA = 120 ? 2PA + PB and QB = 120 ? 2PB + PA. If both houses have zero fringy cost and they form a trust. what is the profit-maximising monetary value and measure? Answer| | | | | Correct Answer: | a. P = 60. Q = 120|
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* Question 2
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| Total excess in a market is a step of: Answer| | | | | Correct Answer: | c. societal public assistance created by the market|
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* Question 3
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| The long-term norm cost curve slopes downward if there are: Answer| | | | | Correct Answer: | e. economic systems of scale|
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* Question 4
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| Average fixed cost is equal to the: Answer| | | |
| Correct Answer: | d. difference between mean entire cost and mean variable cost|
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* Question 5
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| In a two-player game in which each participant has four options. how many results can at that place be? Answer| | | | | Correct Answer: | e. 16|
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* Question 6
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| Fred loves tomatoes. He makes soups. sauces. and frets with them ; stuffs them ; roasts them ; and grills them. Fred has discovered a farmer’s market where the monetary value of a bushel of tomatoes depends on how many bushels are purchased. The first bushel is $ 15 ; the 2nd. $ 12 ; the 3rd. $ 10 ; and four or more. $ 9. 00 each. Fred has $ 82 to pass on tomatoes and on “all other things” during the coming hebdomad. All other things sell for $ 1 per unit. Assume that all other things are measured on the perpendicular axis. What is the horizontal intercept of Fred’s budget restraint? Answer| | | | | Correct Answer: | d. 8|
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* Question 7
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| See the indifference map below. The monetary value of Y is $ 5. Two points on a demand curve for good Tens are: Answer| | | |
| Correct Answer: | d. ( 3. $ 20 ) and ( 5. $ 10 ) |
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* Question 8
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| The OPEC oil trust lost its market power and universe oil monetary values fell in the 1980s because: Answer| | | | | Correct Answer: | d. members began to rip off on trust agreements|
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* Question 9
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| Long-run norm cost peers long-run fringy cost whenever: Answer| | | | | Correct Answer: | c. the production map exhibits changeless returns to scale|
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* Question 10
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| If the fringy cost of doing a photocopy is 3 cents and the snap of demand is –2. the profit-maximising monetary value is: Answer| | | | | Correct Answer: | d. 6 cents|
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* Question 11
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| The fringy rate of permutation: Answer| | | |
| Correct Answer: | c. decreases as the consumer moves down a typical indifference curve|
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* Question 12
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| A manufacturer refuses to sell some of one joint merchandise. MRA is the fringy gross for a low-demand good. If the manufacturer were to sell all its production. what would be true of MRA? Answer| | | | | Correct Answer: | c. MRA & lt ; 0|
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* Question 13
1 out of 1 points
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| Please usage this information to reply the undermentioned inquiries:
The XYZ Steel Company produces its ain coal for usage in its production installation. The demand for steel is given by Ps = 500 – 2Qs and the entire cost of bring forthing steel is given by TCs = 100Qs. where Qs is dozenss of steel per hebdomad. The monetary value of coal in a absolutely competitory market outside the house is $ 250 per ton. and the entire cost of bring forthing coal is given by TCc = 40 + 5Qc2. where Qc is dozenss of coal per hebdomad.
How much should XYZ steel charge itself for coal? Answer| | | | |
Correct Answer: | a. $ 250 per ton|
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* Question 14
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| The expression for the snap can be written ( where ?Q denotes the alteration in Q ) as: Answer| | | | | Correct Answer: | a. |
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* Question 15
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| A representative house with long-term entire cost given by TC = 20 + 20q + 5q2 operates in a competitory industry where the short-term market demand and supply curves are given by QD = 1. 400 ? 40P and QS = ??400 + 20P. If it continues to run in the long tally. its profit-maximising degree of end product is: Answer| | | | | Correct Answer: | a. 2 units|
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* Question 16
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| Ramblin’ Randy’s Dude Ranch’s day-to-day sum cost of suiting nightlong invitees is given by TC = 100 + 5Q. On the footing of this information. the mean fixed cost. when there are 25 nightlong invitees. is: Answer| | | | | Correct Answer: | d. $ 4|
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* Question 17
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| In the theoretical account of monopoly. there: Answer| | | |
| Correct Answer: | b. is one house bring forthing a extremely differentiated product|
