Econ 208 - Study guides, Class notes & Summaries

examples of inefficiency when still fully employing all resources correct answers -if firms do not use the least cost method of production -if the marginal cost of production is not the same for every firm in an industry -if too much of one product and too little of another product are produced productive efficiency for the firm correct answers -when the firm chooses among all available production methods to produce a given level of output at the lowest possible cost -requires the firm to ...

normative statements are based on correct answers value judgements and cannot be settled by recourse to facts (personal options about about what the world ought to be like as opposed to what is actually is) positive statements are correct answers statements about matters of fact, can apeal to evidence postive and normative statements correct answers 2.1 redo redo redo Why is the scientific approach central to the study of economics correct answers - Empirical observations lead to the co...

When there is no other way of producing a given level of output with a smaller total value of inputs, the firm is operating at correct answers minimum cost By expressing the cost-minimizing condition as MPK/MPL = PK/PL, we are able to see correct answers how the firm can adjust the marginal products of the factors of production to the prices of the factors given by the market For a firm with only two inputs, capital and labour, the condition MPK/MPL = PK/PL guarantees that the firm is c...

What is "Y" determined by? correct answers Labour, Y=f(L) What is the slope and intercept in this equation, Y = aL + B correct answers Slope = aL(rise/run) Intercept = B How do we find the x and y intercepts? correct answers By setting x/y = 0, to get the other How do we find P axis intercept with a demand function? correct answers Make it an inverse demand function. How do we find equilibrium price? correct answers Set Qd=Qs What is the objective of firms? correct answer...

examples of inefficiency when still fully employing all resources correct answers -if firms do not use the least cost method of production -if the marginal cost of production is not the same for every firm in an industry -if too much of one product and too little of another product are produced productive efficiency for the firm correct answers -when the firm chooses among all available production methods to produce a given level of output at the lowest possible cost -requires the firm to ...

ECON 101 Final Exam 2024 Questions and Answers Solved 100%;AMU Attempt 1 of 1 Written Apr 26, 2024 11:26 AM - Apr 26, 2024 11:37 AM Attempt Score 100 / 100 - 100 % Overall Grade (Highest Attempt) 100 / 100 - 100 % Question 1 6 / 6 points The representative firm in a purely competitive industry: Will always earn a profit in the short run May earn either an economic profit or a loss in the long run Will always earn an economic profit in the long run Will earn ...

Econ 261 Exam 3 Answers Latest 2022. Using the standard normal distribution table, compute the following probabilities: P( Z ≥ 1.8) is: P( Z ≥ 1.8) = 1 - P( Z < 1.8) = 1 - .9641 = 0.0359 .4641 .0359 .0062 .4938 Question 2 P(Z ≤ 1.5) is: .9332 .9599 .9938 .8750 Question 3 P(1.34 ≤ Z ≤ 2.72) is: P(1.34 ≤ Z ≤ 2.72) = P(Z ≤ 2.72) - P(Z≤ 1.34) = .9967 - .9099 = .0868 .8746 .0868 .0476 .0309 Question 4 Questions 4-6 are based on the following information: ...

Econ 261 Exam 3 Answers Latest 2022. Using the standard normal distribution table, compute the following probabilities: P( Z ≥ 1.8) is: P( Z ≥ 1.8) = 1 - P( Z < 1.8) = 1 - .9641 = 0.0359 .4641 .0359 .0062 .4938 Question 2 P(Z ≤ 1.5) is: .9332 .9599 .9938 .8750 Question 3 P(1.34 ≤ Z ≤ 2.72) is: P(1.34 ≤ Z ≤ 2.72) = P(Z ≤ 2.72) - P(Z≤ 1.34) = .9967 - .9099 = .0868 .8746 .0868 .0476 .0309 Question 4 Questions 4-6 are based on the following information: ...

Econ 261 Exam 3 Answers Latest 2022. Using the standard normal distribution table, compute the following probabilities: P( Z ≥ 1.8) is: P( Z ≥ 1.8) = 1 - P( Z < 1.8) = 1 - .9641 = 0.0359 .4641 .0359 .0062 .4938 Question 2 P(Z ≤ 1.5) is: .9332 .9599 .9938 .8750 Question 3 P(1.34 ≤ Z ≤ 2.72) is: P(1.34 ≤ Z ≤ 2.72) = P(Z ≤ 2.72) - P(Z≤ 1.34) = .9967 - .9099 = .0868 .8746 .0868 .0476 .0309 Question 4 Questions 4-6 are based on the following information: ...

ECONOMICS 208 NOTES WEEKS 16-20 Master-file with notes for the economics