Economics 2302 - Study guides, Class notes & Summaries

FINAL EXAM ( MICRO-ECONOMICS 2302 ) QUESTIONS AND ANSWERS

ECONOMICS 2302 Topic 8 Production Assignment well answered

ECONOMICS 2302 opic 8 Production Assignment. well elaborated

opic 8 – Production Assignment 1 1. Which of the following is an implicit cost of owning and operating a farm? The money a farmer could earn by working for someone else 2. Barney decides to quit his job as a corporate accountant, which pays $10,000 a month, and goes into business for himself as a certified public accountant. He runs his business from his converted garage apartment, which he could rent out for $300 a month if he wasn’t using it as a home office. He must purchase office ...

Topic 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 dem...

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. When consumption increases from 0 to 1, ...

Topic 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 costand prices on its downward-sloping demand curve, such that the market for itsproduct clears knowing it will not face competition due to patents it holds on itsproducts. 3.The table below shows the demand and total...

Topic 9 Perfect Competition Assignment 1 1. Which of the following markets is most likely to be perfectly competitive?  The market for mushrooms 2. Which of the following markets is most likely to be perfectly competitive?  The market for rock salt 3. What are the likely reason(s) that the market for electricity is not perfectly competitive?  It is difficult to enter or exit the industry as a supplier.  There are few sellers in the market. 4. What are the likely reason(s) tha...

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. When consumpt

Topic 11 Monopolistic Competition and Oligopoly Assignment 1 1. Which of the following best represents the pricing behavior of firms in a monopolistically competitive industry? Teen Angle Hardware looks for a niche to sell its hardware products to teens but finds it difficult to earn anything more than normal profits due to other hardware stores also looking for niches. 2. What is one difference between a firm in a perfectly competitive industry and a firm in a monopolistically competitiv...