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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?
Why does the marginal utility of good or service
decline? Does the Total Utility decline in the same way?
Explain in your own words.
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.
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"
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.
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.
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?
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?
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?
This question was answered on: Sep 18, 2020
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