Reference no: EM13247542
1. If the demand curve is QD = 100 - 10P and there is a $1 price increase, then the elasticity of demand at P = 2 is
A. -0.25
B. -0.75
C. -0.50
D. -0.30
2. If the absolute value of a demand elasticity is less than 1, then
A. the demand is inelastic, and a price rise will reduce the total revenue
B. the demand is inelastic, and a price rise will increase the total revenue
C. the demand is elastic, and a price rise will reduce the total revenue
D. the demand is elastic, and a price rise will increase the total revenue
3. If the cross-price elasticity is negative, then the two goods are
A. unrelated
B. substitutes
C. complements
D. normal goods
4. Under perfect competition, a firm maximizes its profit by setting
A. P = MC because P = MR.
B. P above MC where MC = MR.
C. P = FC.
5. In a large city, a good, real-world example for perfect competition would be
A. lawyers
B. gas stations
C. Time Warner Cable
D. clothing stores
6. A firm under monopolistic competition will earn
A. positive economic profit because it has some monopoly power
B. zero economic profit because it sets P = MC
C. zero economic profit because its P = ATC
D. positive economic profit because it sets MC = MR
7) Suppose that in the clothing market, production costs have fallen, but the equilibrium price and quantity purchased have both increased. Based on this information you can conclude that
A. the supply of clothing has grown faster than the demand for clothing
B. demand for clothing has grown faster than the supply of clothing
C. the supply of and demand for clothing have grown by the same proportion
D. there is no way to determine what has happened to supply and demand with this information
8) Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and Julia's to:
A. raise their price and reduce their quantity supplied
B. raise their price and increase their quantity supplied
C. lower their price and reduce their quantity supplied
D. lower their price and increase their quantity supplied
9) The average cost curves (AVC and ATC) should be minimized
A. where MC = ATC and MC = AVC
B. where FC = ATC and FC = AVC
C. where TC starts to increase at a faster rate
D. where ATC = AVC
|
What horizontal distance left of the hoop should you launch
: A 500g model rocket is on a cart that is rolling to the right at a speed of 3.0m/s. The rocket engine, At what horizontal distance left of the hoop should you launch
|
|
In the shareholder wealth maximization model
: In the shareholder wealth maximization model, the value of a firm's stock is equal to the present value of all expected future ____ discounted at the stockholders' required rate of return.
|
|
Explain the ras and map kinase pathway starts
: the Ras and MAP kinase pathway starts with the binding of a growth factor to a receptor. as a result, all of the following occur EXCEPT
|
|
Draw a free-body diagram for the weight lifter
: A weightlifter stands up at constant speed from a squatting position while holding a heavy barbell across his shoulders, Draw a free-body diagram for the weight lifter
|
|
There is no way to determine what has happened to supply
: Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would expect both Camille's and..
|
|
Find the work required to move point charge to the origin
: A charge of + 2.00nC is uniformly distributed on a ring of radius 10.0cm that lies in the x = 0 plane and is centered at the origin. Find the work required to move the point charge to the origin.
|
|
Determine illuminance at a distance of 12 ft from source
: Determine the maximum power that a 430 km, high-voltage 3-phase transmission line can transmit if the system voltage is 550kV and the impedance of the line is 0.5 ohm/km. Determine illuminance at a distance of 12 ft from source.
|
|
Develop a regression model that would predict the djia
: Develop a regression model that would predict the DJIA based on the S&P 500 index. Based on this model, what would you expect the DJIA to be when the S&P is 1,100? What is the correlation coefficient (r) between the twomarkets?
|
|
Describe the potential difference
: You have a battery marked 6.00 V.When you draw a current of 0.245 A from it, the potential difference between its terminals is 5.13 V
|