Economics 2302 - Study guides, Class notes & Summaries

opic 7 Consumer Choice Assignment 1 1. The table below represents how Marco feels about chocolate candy bars. a. Fill in the missing values for total utility and marginal utility. Instructions: Enter your answers as a whole number. Chocolate Candy Bars and Marco's Utility Suppose Marco currently has two candy bars. You tell Marco you will give him either a soda, which gives him 22 utils of happiness, or two additional candy bars. b. Which is he likely to prefer? A soda Explanation a. ...

1. For each pair of goods, determine which one would have a relatively more elastic demand curve. Gasoline at your local gas station or gasoline in your city Plain white T – shirt or all clothing Rice or jewelry 2. Cross – price elasticity of demand uses Negative and positive values to determine is good are substitutes or complements 3. ________ elasticity of demand is a measure of how responsive the quantity demanded is to a change in price. Price 4. Which of the following statemen...

ECONOMICS 2302 Topic 5 VideoTopic 5 – Market Efficiency Videos 1

1. Which example was used in this video?  An increase in the price of a car 2. Which example was used in this video?  A decrease in the price pf pizza 3. Which prices were used to calculate the midpoint elasticity of demand in this video?  $4 and $6 4. Which of these goods had elastic demand in the video?  Oranges 5. Which of the following statements is true of a linear demand curve, according to the video?  When

ECONOMICS 2302 Topic 5 – Market Efficiency Videos 1

Topic 6 Principles of Economics

ECONOMICS 2302 Topic 11 Monopolistic Competition and Oligopoly Videos

1. The graphs shows the marginal cost (MC) and the average total cost (ATC) curves for a typical firm competing in the monopolistically competitive market for frozen foods. The long – run equilibrium would occur at an output level of _______ thousand cases and price would be ______ 4/6.5 2. In a monopolistically competitive market, the closer the substitutes are each other, the ________ elastic each firm’s demand curve will be. More 3. Monopolistically competitive markets: Combine c...

Topic 10 Monopoly Videos

opic 10 Monopoly Assignment 1 1. Which of the following suppliers is most likely to be a monopolist? A water company 2. Which of the following scenarios best represents the pricing behavior of a monopolist? Our Drugs Inc. produces where its marginal revenue is equal to its marginal cost and prices on its downward-sloping demand curve, such that the market for its product clears knowing it will not face competition due to patents it holds on its products. 3. The table below shows the dema...