Budget constraint - Study guides, Class notes & Summaries

1. What are the three fundamental questions every economy must answer? Give an example of a “What” question. What to produce, how it will be produced, and for whom the goods or services are produced. What to produce example: What to produce to feed farm animals? 2. What do economists mean when they say that people “think at the margin”? People will think about what the next step or additional action means for them. (Principle 3) 3. According to the 10 Principles of Economics...

WGU C718 VOCABULARY 2024 QUESTIONS WITH COMPLETE ANSWERS ALREADY PASSED AND GRADED A+ absolute advantage - CORRECT ANSWER when a country (or person) can produce more of a good than another country (In this picture England has absolute advantage in both goods) accounting profit - CORRECT ANSWER profit computed using only explicit costs (Acct Profit = Total Revenue - Explicit Costs) marginal external costs - CORRECT ANSWER additional costs incurred by third parties outside the produ...

Econ 10a Exam One with Questions and Answers Budget Constraint ANSWER p1x1 + p2x2= m Slope of Budget Constraint ANSWER -p1/p2 Slope of Budget Constraint with Sales Tax ANSWER -p1(1+.08)/p2 p1 ANSWER price of good 1 p2 ANSWER price of good 2 x1 ANSWER good 1 (units/week) x2 ANSWER good 2 (units/week) Consumption Bundles ANSWER lists of goods and services that the consumer makes a choice about how much to consume Strictly Preferred ANSWER > Indifferent ANSWER ~ ...

MRS formula correct answers MRS=MUx/MUy Lagrangian correct answers L(Qx,Qy)=U(Qx,Qy)-l(PxQx+PyQy-Y) Compensated Demand correct answers movement along the utility curve (SE) Weak Axiom of Revealed preferences (WARP) correct answers if x is revealed preferred to y in one situation, then y is not revealed preferred to x in any other situation Positive rationality correct answers people behave "as if" they were maximising their utility function normative rationality correct answers ...

In the government management cycle, planning: A) identifies goal and determine the most cost-effective means for accomplishing them B) precedes all other phases and does not have the constraint of realistic budget outcomes C) outcomes are an input to the programming and then, accounting phase D) should occur throughout the year correct answers D) should occur throughout the year Some of the steps of the government management cycle, in order, include A) budgeting, planning, operations...

WGU D089 Principles of Economics Questions and Answers 100% Pass Absolute Advantage The capability to produce more of a given product using less of a given resource than a competing entity Absolute Quota Strictly limiting the quantity of goods that may enter a country Accounting Profit Total revenues minus explicit costs, including depreciation Acquisition When one firm purchases another Ad Valorem Tariffs Import tax based on a fixed percentage of the assessed commercial value of imported g...

ECON 10A Final Problem Set with Complete Solutions You have $400 to spend. Suppose you can spend your money on apples and bananas. The price of apples is $5 each, and the price of bananas is $8 each. If you spend all of your money on apples, what is the maximum number of apples you can afford? a.20 b. 40 c. 80 d. 100 ANSWER C. 80 Given the budget constraint x1 + 4x2 = 10, find the slope of the budget constraint when x2 is plotted on the vertical axis and x1 is plotted on the horizontal...

Purpose of benchmarking correct answers is to systemically improve manage the process improvements of project delivery by a single organization over time. Client Acceptance correct answers One of the Determinants for a projects success. It argues that projects are developed with customers, or clients, in mind, and their purpose is to satisfy customers' needs. Clients correct answers can be either internal or external to the organization Budget correct answers One of the determinants fo...

WGU C211 Pre- Assessment Global Economics for Managers Exam | Questions and Verified Answers| 100% Correct (Latest 2023/ 2024) Graded A Q: A farmer sells wheat in a perfectly competitive market. Which action should the farmer take to maximize profits? Answer: Produce the quantity where the price equals the farmer's marginal cost Q: What is the economic profit of a competitive firm? Answer: The difference between total revenue and total cost Q: Which condition applie...

condition for monotonicity transformation -the transformation derivative is positive mrs to preference link -if mrs is the same after the transformation then its the same preferences steps for optimal choice using price and MRS -1. set price equal to MRS 2. solve for x1 into budget constraint and solve for x2 diminishing marginal product - marginal product calculation -derivative of the production function with respect to one input