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15 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Which of the following is not characteristic of the demand for a commodity that is elastic? |
The elasticity coefficient is less than 1 |
Elasticity < 1 |
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The price elasticity of demand of a straight line demand curve is |
Elastic in high-price ranges and inelastic in low-price ranges |
Lo-Hi |
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If quantity demanded is completely unresponsive to the price change, demand is |
Perfectly inelastic |
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A perfectly inelastic demand curve |
Graphs as a line parallel to the vertical axis. |
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Gigantic State University live this to within for the purpose of the reason is revenue so that more facility can be hired. GSU is assuming that the demand for education at GSU is |
Relatively inelastic |
Rev |
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in which price range of the accompanying demand schedule is demand elastic |
$4, $3 |
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Marginal utility can be |
Positive, negative, or zero |
+,-,0 |
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Utility refers to the |
satisfaction that a consumer derives from a good or service. |
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To maximize utility, a consumer should allocate money income so that the |
Marginal utility obtained from the last dollar spent on each product is the same |
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if the price of x and y are $2 and $4 per unit, respectively, and this consumer has $10 in income to spend, to maximize total utility, this consumers should buy |
1 units of x and 2 units of y |
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Accounting profits are typically |
Greater than economic profits because the former doing not take implicit costs into account. |
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Normal profit is |
The return to the entrepreneur when economic profits are zero |
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Marginal product is |
The increase in total output attributable to the employment of one more worker |
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The short run is characterized by |
Fixed plant capacity |
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Refer to the diagram. At output level Q total variable cost is |
0BEQ |
AVC |
