Microeconomics Mock Q's 1-3
FHNW IM
FHNW IM
Kartei Details
| Karten | 86 |
|---|---|
| Sprache | English |
| Kategorie | BWL |
| Stufe | Universität |
| Erstellt / Aktualisiert | 29.06.2021 / 29.06.2021 |
| Lizenzierung | Keine Angabe |
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In the local market for waterproof jackets, the aggregate demand curve is given by the equation
Qdjacket = 200 – 0.5Pjacket
Qdjacket : quantity of waterproof jackets demanded (per month)
Pjacket : unit price of a waterproof jacket
Draw the inverse demand function (= demand curve) in the diagram below. Clearlyindicate the numerical values of the points where the inverse demand functionintersects with the x- and the y-axis.
In the local market for waterproof jackets, the aggregate demand curve is given bythe equation
Qdjacket = 200 – 0.5Pjacket
Qdjacket : quantity of waterproof jackets demanded (per month)
Pjacket : unit price of a waterproof jacket
If the unit price is 300, how big is the quantity demanded?
50
In the local market for waterproof jackets, the aggregate demand curve is given bythe equation
Qdjacket = 200 – 0.5Pjacket
Qdjacket : quantity of waterproof jackets demanded (per month)
Pjacket : unit price of a waterproof jacket
Calculate the consumer surplus for a unit price of 300.
(50 × 100) / 2 = 2500
In the local market for waterproof jackets, the aggregate demand curve is given bythe equation
Qdjacket = 200 – 0.5Pjacket
Qdjacket : quantity of waterproof jackets demanded (per month)
Pjacket : unit price of a waterproof jacket
Explicate the term “consumer surplus
Consumer surplus refers to the difference a consumer is willing to pay for a goodand the actual amount he or she actually has to pay when buying it.
For any particular good, an increase in the price of a complement would most likelyresult in?
Statement I: If close substitutes are easily available for a particular good, the priceelasticity of demand for that good cannot be identified.
Statement II: If a relatively large proportion of a person’s income is spent on aparticular good, the price elasticity of demand for that good is most likelyrelatively high.
Which of the following is true?
Statement I: If the price elasticity of demand for a good equals -1.25, an increase inprice will result in a decrease in total revenue.
Statement II: If a decrease in price leads to a decrease in total revenue, demand forthe good is price elastic.
When a rent ceiling (maximum price) is imposed below the equilibrium marketprice, which of the following is most likely?
