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What are goods in which when demand increases, income increases?Normal goods What are goods in which when demand decreases, income increases?Inferior goods What is maximizing happiness or satisfaction from consuming a bundle of goods and services subject to income and prices?Consumer optimum What is the price of good in terms of another good?Relative price What is the total benefit (happiness) received from consuming some goods?Total utility What is the change in...

What are goods in which when demand increases, income increases?Normal goods What are goods in which when demand decreases, income increases?Inferior goods What is maximizing happiness or satisfaction from consuming a bundle of goods and services subject to income and prices?Consumer optimum What is the price of good in terms of another good?Relative price What is the total benefit (happiness) received from consuming some goods?Total utility What is the change in...

BIO 31 Final Exam SJSU questions and answers Optimal Foraging TheoryPredicts animal will max its benefits and minimize its costs with respect to food selection. Animals will vary their diet as a function of (Optimal Foraging Theory)-the energy value diet -the abundance of the diet in the habitat Goal of Optimal Foraging Theoryachie

ECON B-251 EXAM 1questions and answers economicsthe study of satisfying unlimited wants by utilizing limited resources scarcityunlimited wants and limited resources the economic problemdeals with the problem of scarcity Microeconomicsstudies decisions by individual firms and governments Macroeconomicsstudies decisions made o

ECON-B 251 Canvas Questions Exam #2 and answers In a general admission event with tickets, which method is used to allocate the best locations to experience the event?first-come, first-served When a market price allocates a scarce resource, the people who ______________ get the resource.are willing and able to pay the market price Suppose there are four firms that are each willing to sell one unit of a good. Each firm has a different minimum price that they are willing to se...

ECON-B 251 Canvas Quiz 2 and answers In the Solow growth model, a sudden increase in the death rate of the working age adult population leads to a. an increase in growth b. fluctuations in growth c. a decrease in growth d. constant growtha In the Solow growth model, imagine that the Bubonic Plague kills a large fraction of the population within a few months. Then we would predict a. the price of land to fall b. the price of land to first fall and then rise c. the price of...

ECON-B 251 Canvas questions and answers A monopolist faces a a. downward sloping marginal revenue curve that is below demand b. marginal revenue curve that is flat c. downward sloping marginal revenue curve that is equal to demand d. downward sloping marginal revenue curve above demanda In Mickey Mouse Pricing with heterogeneous consumers, the price is a. regulated b. below marginal cost c. equal to marginal cost d. above marginal costc In Mickey Mouse Pricing...

ECON-B251 Final Exam qustions and answers What is a firm's goal?maximize economic profit Accounting Profit- daily, weekly, monthly recordings of all bills/costs paid by the firm doesn't fully measure opportunity cost Economic profitthe total revenue - total costs: explicit and the opportunity costs paid by the firm (implicit) this is the profit that is referred to when it says a firm's profit firms make decisions off economic profit Opportunity costexplicit...

Econ B251 Final Exam questions and answers Explicit costsOut-of-pocket production expenses recorded using the accounting method Implicit costsMeasure the alternative uses of 3 types of resources, such as physical capital, interest payment, and time Normal profitThe income associated with the entrepreneur Command systemWhen workers follow directions from their boss above them and provide feedback to their boss Incentive systemWhen firms have a well-defined and well i...

ECON B251 Final Exam qestions and answers Scarcity Principleall actions have tradeoffs Opportunity Costcall of the best foregone alternative action Marginal cost-benefit principletake an action if and only if the extra benefits are at least as great as the extra costs Absolute advantagethe ability to complete a task using less resources (time, money, etc.) Comparative advantagelower opportunity cost Efficientif there is no alternative that improves outcomes for s...