Indifference map - Study guides, Class notes & Summaries

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...

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...

ECON 475 - Chapter 6 / Unit 4 Questions and Answers 2023 A recent study showed that U.S. trade restrictions have had a _____ impact on trade between the U.S. and non-NAFTA countries. Multiple choice question. negative and significant positive but insignificant negative but insignificant negative and significant Which of the following are assumptions made throughout the chapter? (Select all that apply.) Multiple select question. Transportation costs and policy trade barriers ar...

Grooming Standards and Body Composition Program Questions and Answers Guaranteed A+ Personal Appearance Mutilation of the body, objects through or under the skin and tongue (Females may have earrings IAW MCO P1020G), and tattoos and brands on head and neck or others that bring discredit upon the MC are PROHIBITED. Marine Corps Uniform Standards of Grooming Regulations do not allow eccentric or faddish styles of hair, facial hair, nail polish/makeup, jewelry, or glasses. Appropri...

The law of diminishing marginal returns assumes that A. Additional inputs are added in smaller and smaller increments B. there is at least one fixed input C. All inputs are changed by the same percentage D. All inputs are held constant - Answer B If indifference curves cross, then A. Consumers minimize their satisfaction B. The assumption of a demising marginal rate of substitution is violated C. The assumption of completeness is violated D. The assumption of transivity is violated E...

What does microeconomics examine? - answer-the economic behaviour of individual economic decision units A simultaneous increase in both supply and demand will ? - answer-increase the equilibrium quantity Suppose demand is given by and supply is given by Qd = 300 - 5P, and Qs = 10P. Equilibrium quantity is ? - answer-200 Which of the following is NOT a factor that would cause the demand for popcorn to shift when the factor has a change? - answer-Price of popcorn Suppose in a market wi...

SUGGESTED SOLUTIONS FOR MAY/JUNE 2015 QUESTION 1 1a. Consider the following baskets of goods: A B C If preferences satisfy all requirements, is A preferred to C or C to A? Explain your answer. Basket A has more food than basket C. Basket C has more clothing than basket A. Therefore, basket A and C cannot be compared without additional information. 1b. An island economy produces only two goods – coconuts and pineapples. There are five people (A, B, C, D and E) living on the island, w...

ECS_3702 Q&A Merged. ECS3702 Q&A Merged Question 1 An appreciation of the rand against the US dollar, will result in increased South African imports from the US, this is because fewer Rands can now purchase more US dollars, implying that South Africans now find it cheaper to buy US goods. Question 2 One of the possible effects of a recession in South Africa, on its trade with SADC member states is, widening of South Africa’s trade deficit, which implies that South Africa is expo...

TCRN Practice Exam 100 Questions with Verified Answers A transcranial doppler is obtained for a patient with a traumatic subarachnoid hemorrhage. The doppler is positive for vasospasm. The trauma nurse would expect which of the following medications to be prescribed? - CORRECT ANSWER A vasospasm is a known complication of subarachnoid hemorrhages. Calcium channel blockers are used to prevent or reverse vasospasms and are frequently used in the treatment of a subarachnoid hemorrhage. Metoprolo...

Economics - ANSWER-The study of decision-making in the presence of scarcity Managerial Economics - ANSWER-The application of economic analysis to managerial decision-making Managers - ANSWER-Make economic decisions by allocation the scarce resources at their disposal. Must understand behavior of consumers. workers, other managers, and governments to make good decisions Productions Manager - ANSWER-Their objective is normally to achieve a production target at the lowest possible cost. Th...