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What do you understand price elasticity of supply to be? Indicate if the
coefficient is usually positive or negative and why. (3)
3.4 With reference to price elasticity of demand, answer the following
questions:
3.4.1 Indicate what the two (2) main determinants are that price elasticity
of demand depends on. (2)
3.4.2 With the aid of a diagram (draw the diagram), illustrate and explain
what a linear demand curve is, where exactly the top of the curve is
and where the bottom of the curve is, and how elasticity values
(coefficients) vary on the curve from being infinitely (perfectly)
elastic to unit elastic and finally to completely (perfectly) inelastic.
A change in wages causes a _____
A. change in the marginal product curve for labour.
B. shift in the marginal physical product curve for labour.
C. shift in the derived demand curve for labour.
D. shift in the marginal revenue curve for labour.
E. movement along the demand curve for labour.
Show that n=1 to ∞ ∑(-1)^n+1 5/7n+2 is conditionally convergent.
A change in wages causes a _____
A. change in the marginal product curve for labour.
B. shift in the marginal physical product curve for labour.
C. shift in the derived demand curve for labour.
D. shift in the marginal revenue curve for labour.
E. movement along the demand curve for labour.
Which statement is incorrect?
A. The quantity that the monopolist produces for sales on the market is
substantially less than that supplied by a perfectly competitive
industry.
B. Monopolists make excess profits in the long run.
C. The price fixed by a monopolist is lower than the price of perfect
competition.
D. A monopoly could utilise economies of scale.
E. Under monopolistic competition, economic profit can be earned in the
short run.
Nash equilibrium can be defined as the competitive outcome where _____
A. all firms set prices equal to average cost and all firms make economic
profit.
B. each firm sets a price equal to marginal cost and each firm makes
economic profit.
C. each firm sets a price higher than marginal cost and each firm makes
economic profit.
D. each firm sets a price lower than marginal cost and each firm makes
economic profit.
E. firms set a price lower than average cost and all firms make economic
profit.
If the price elasticity of demand is 1.6 and a firm increases the price of its
product by 10%, it would expect its total revenue to _____
A. decrease by 16%.
B. increase by 16%.
C. increase by 6%.
D. remain constant.
E. decrease by 6%.
Factors of production _____
A. are normative concepts.
B. are studied primarily in microeconomics.
C. represent the classification of different resources available to an
economy.
D. represent the trade-offs as you move along the demand curve.
E. represent the trade-offs as you move along the isoquant curve.
what Is Accounting?
A body of mass 80kg moving with a velocity of 3 meter per second hit a stationary body of mass 40kg.
a. If the bodies move together after impact . Calculate the velocity of the composite body just after impact.
b. If the bodies do not move together and the body of mass 40kg is moving with a velocity of 3 meter per second in the same direction as that of the body of mass 80kg . Find the velocity of the 80kg after impact.
#340153 on Dec 2023