Indifference curve - Study guides, Class notes & Summaries

A single indifference curve in the individual choice model of labor supply shows: Correct Answer-the tradeoff between income and non-market time for a given level of utility. Sally is indifferent between (1) working 8 hours a day and earning $160 a day and (2) working 9 hours a day and earning $200 a day. This implies that: Correct Answer-When Sally makes $160 in an 8 hour job, she puts a $40 value on the non-market time foregone to work a 9th hour. In the individual choice model of labor ...

indifference curve correct answers the varying combined amounts of two commodities that a household would find equally satisfactory (10 units of peanut butter and 15 units of jelly and sandwich is just as tasty as with 10 units of jelly, you have located one point on the indifference curve) laissez-faire correct answers an economy free from Governmental intervention, which the forces of the marketplace are allowed to operate freely and purely Market failure correct answers The excuse that ...

AGEC Final UPDATED Actual Exam Questions and CORRECT Answers Which of the following is not a property of an indifference curve? Convex to the origin Concave to the origin Downward sloping to the right Cannot intersect with other indifference curves Utility is maximized where the indifference curve is tangent to the budget line - CORRECT ANSWER- Concave to the origin

WGU C211 Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update) Grade A QUESTION What is a property right? Answer: The legal rights to use an economic property (resource) and to derive income and benefits from it. QUESTION What is an intellectual property right? Answer: Rights associated with the ownership of intellectual property. QUESTION command economy Answer: An economy that is characterized ...

Marginal Utility definition correct answers The incremental utility gained by an additional unit of consumption, holding all else equal Marginal Rate of Substitution correct answers the rate at which a consumer is willing to give up some amount of one good in exchange for another, while maintaining the same utility Indifference Curve correct answers shows the set of consumption bundles form which consumers obtain the same level of utility Assumptions of utility functions correct answers...

WGU C211 Objective Assessment Global Economics for Managers Exam Prep| Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update) QUESTION factors of production should be government owned or state owned and all supply, demand and pricing are planned by the government Answer: command QUESTION the economic system of most countries Answer: mixed economy QUESTION a curve that represents a consumers preferences Answer: indifference curve ...

7.5 Assignments 7.5.1 First semester assignments SEMESTER 1 ASSIGNMENT 01/2018 CLOSING DATE: 02 March 2018 UNIQUE NUMBER: WEIGHT: 40% of semester mark TL501: Learning units 1 – 4 Prescribed Book: Chapters 1 – 4 This assignment contributes 40% towards your semester mark. Please ensure that this assignment reaches the University before the due date. Answer all the questions on a mark-reading sheet or on myUnisa. IMPORTANT! The first ten multiple choice questions of thi...

Market Surplus - The dollar equivalent of the total benefit generated by a market. Market Surplus - Consumer surplus + producer surplus Price Ratio - The ratio at which one product can be exchanged for another such that the total cost of the two products together remains constant. Consumer surplus - An additional amount of money that consumers were willing to pay for a given quantity of product but which they did not pay. Consumer surplus is the dollar equivalent of consumer's utilities f...

Charlie has the utility function U(xA, xB) = xAxB. His indifference curve passing through 6 apples and 16 bananas will also pass through the point where he consumes 2 apples and: a. 12 bananas b. 24 bananas c. 50 bananas d. 54 bananas e. 48 bananase. 48 bananas

Primitives correct answers These do not change through analysis and include the DM / set of alternatives / preference Transitivity correct answers A>B, B>C, A>C - being clear and logical in your choices Marginal Product of Labour correct answers the increase in the amount of output from an additional unit of labour Marginal Product of Capital correct answers the increase in output caused by the addition of one more unit of capital. What are isoquants? correct answers Are a w...