Indifference curve - Study guides, Class notes & Summaries

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 ...

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 ...

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...

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...

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

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

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...

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...

Scarcity Ans: A situation in which unlimited wants exceed the limited resources available to fulfill those wants Cost-Benefit Principle Ans: take an action if and only if the additional benefits from doing it or at least as great as the extra cost of doing it incentives Ans: a positive or negative environmental stimulus that motivates behavior indifference curve Ans: a curve that shows consumption bundles that give the consumer the same level of satisfaction Transaction price + Tra...