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AGEC 217 - Exam 1 – 45 Questions and Answers
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AGEC 217 - Exam 1 – 45 Questions and Answers
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AGEC 217 - Exam 1 – 45Questions and Answers
If CPE is zero, the goods are - -independent
- If CPE is positive, the goods are - -substitutes
- If CPE is negative, the goods are - -complements
- If IE is negative, it is - -an inferior good
- What function cannot be maximized? - -cost
- How many steps are involved in unconstrained optimization? - -5
- Types of unconstrained optimization - -single variable and multivariable
- Difference between unconstrained and constrained optimization - -an
added set of equations that must be accounted for
- Lagrangian Multiplier Method - -method for solving constrained
optimization problems
- Monopolies have what kind of demand curve? - -downward sloping
- The derivative of MR in PC is always - -0
- The derivative of MR in monopolies is always - -negative
- OPE of a Giffen Good is - -positive
- More substitutes = - -more elastic
- Fewer substitues = - -more inelastic
- Saddle Point Formula - -(SOCx)(SOCy) - (SOCxy)^2
- Own-Price Elasticity Formula - -% change in Q/% change in P
- Why are all own-price elasticities negative? - -because of the Law of
Demand
- OPE Arc Formula - -- 2 points
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