Exam (elaborations)
ECON 1B03 exam questions and answers
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ECON 1B03 exam questions and answers
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1-129 of 129- a firm may own a key resource, required to make its good and no other firm can
acquire it
- a firm may have a patent
- ATC drops the more it produces, natural monopoly
- tries to beat everyone else out of the market
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monopolist arises because..
,Asymmetric, they know something you don't
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you are buying a car on ebay but the seller only knows that its been in an
accident, what type of information is this
Public - neither rivalry not excludabile, a lighthouse
Private: excludable and rivalry, your own house
common: not excludable, but rival. freeway
club: not rival but excludable, netflix
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Public, private, common and club. whats the difference?
comparative
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the decision to trade is based on...
Anything that is used to make a resource
-labour
-land
-capital (like buildings)
- entrepreneurship
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Factors of Production means...
the good being supplied is valued by society, like education, and the MSB is greater
than the private benefit to those who receive the good. for example, people who pay
for education are not just benefiting themselves but the public as there are more
educated individuals in the workforce
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Marginal social benefit
present
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a firm will choose to buy/rent something with the highest present/future
value
breakeven quantity, this means the the firm is not making a profit or losing profit, it is
equal to 0
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if P = minATC that is considered the
, elasticity is percent change, slope is rate of change. not the same thing
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elasticity vs slope
responds well to changes. not steep. greater than 1
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Elastic
amount the seller is willing to produce at a given Price
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Supply
quantity traded is less than the equilibrium price. if there is overproduction in the
market
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Dead weight loss
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