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BADM 7200 Final Questions with Explanations of Answers | latest upate 2024
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BADM 7200 Final Questions with Explanations of Answers | latest upate 2024
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BADM 7200 FinalIntensive Margin - ANS-a consumer decides to consume more or less when Price (P) changes
(or another factor)
Extensive Margin - ANS-a consumer decides to enter or exit the market in response to Change
in Price (P)
Elasticities - ANS-Measure the level of responsiveness to different types of market changes
(Change in P over Change in Q)
price elasticity of demand - ANS-[E = P/Q x DeltaQ/DeltaP]
-
a measure of how much the quantity demanded of a good responds to a change in the price of
that good, computed as the percentage change in quantity demanded divided by the percentage
change in price
E > 1 - ANS-elastic demand
E < 1 - ANS-inelastic demand
E = 1 - ANS-unit elastic demand
In Cobb Douglas Utility... - ANS-goods are NEITHER substitutes or complements
Elasticity of Revenue - ANS-If demand is elastic, a rise in price lowers total revenue
If demand is inelastic, a rise in price increases total revenue
If demand is unit elastics, a rise in price has no change in revenue
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