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[answered] 1.) If the average income increased from $40,000 / year to


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1.)

 

If the average income increased from $40,000 / year to

 

$44,000 / year and the demand for take-out increased from

 

100 per night to 105 per night. Then what is the Income

 

Elasticity of Demand for Take-Out? What kind of product

 

will the take-out be considered?

 

2.)

 

Why does the marginal utility of good or service

 

decline? Does the Total Utility decline in the same way?

 

Explain in your own words.

 

3.)

 

How does a company decide to shut down or not to do

 

so? What is the rule they should follow? Explain in your

 

own word what the rule would be.

 

4.)

 

What does the perfect competition company's demand

 

curve look like? What does the demand and supply curve

 

look like for the INDUSTRY? Explain how and why it looks

 

like that? How is the Perfect Competition Industry "Perfect"

 

for? Why?

 

5.)

 

In Perfect Competition industry, how does a firm

 

decide how much to sell? Can they raise prices to make

 

greater profits? Be specific about your answer and give

 

details support your answer.

 

6.)

 

True or False and why: In the Long Run, as a company

 

expands the company's total costs will increase, but the

 

"cost / unit" costs will decrease.

 

7.)

 

If the MU for a BMW (a luxury car) is greater than the

 

MU for a Toyota (standard car) Camry; Then the consumer

 

would purchase the BMW. Do you agree with this analysis?

 

What might there be problems with this statement. Explain.

 

What else does a consumer consider and how is that

 

factored in the decision?

 

8.)

 

If the price for movie theater ticket prices went from

 

$10 to $12 and the demand for tickets fell from 200 / night

 

to only 160/night. What will be the price elasticity of

 

demand for tickets? Would you recommend that the theater raise prices again? Why?

 

9.)

 

If the price elasticity of SUPPLY for peaches is 0, then

 

what does mean about peaches? How will the price for the

 

peaches be set in the market?

 


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