Part II :Choose the best answer from the alternatives given and write the letterthe bears it in the provided. (One point each)11.Which part of economics is concerned with defining an ideal economy?A. Positive economicsC. Deductive reasoningB. Normative economicsD. Inductive reasoning12.Subjective units used to measure utility are calledA. ordinalB. cardinalC. utils D. Marginal Utility (MU)13. Which one is NOT property of indifference curves?A. they are convex to the originB. they cannot intersect each otherC. they slope downwards from left to rightD. they are concave to the origin14.Demand constitutes two basic elements. What are they?A. interest and skill to buyC. knowledge and psychologyB. willingness and ability to buyD. None of the above15. Which of the following factors is a determinant of price elasticity of demandfor a commodity?C. The time periodA. The availability of substitutesB. The number of uses of the commodityD. All of the above16.At which stage of production do total, average and marginal productsincrease with an increasing use of a variable input?A. Stage IB. Stage IIC. Stage IIID. All are possible answers17.Suppose the AR and MR of a firm at a given level of output was 20 and 15respectively. What is the elasticity of demand for its product?А. 5В. 4С. ОD. 118.Which two short run cost curves have the same shape?A. ATC and AFCC. MC and ATCB. AVC and AFCD. MC and AFC19. Suppose the elasticity of demand equals 2. What is the MRof the firm giventhe AR is 200?А. 150В. 10С. 100D. 2020.The process of exchange of goods or services from sellers to buyers isreferred to as:A. supplyB. marketC. demandD. production

As you have asked multiple questions, only the first question will be answered. Economics: Economics…

Answered: 11.Which part of economics is concerned…

11.Which part of economics is concerned with defining an ideal economy? A. Positive economics C. Deductive reasoning B. Normative economics D. Inductive reasoning

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 2SCQ: Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to...

See similar textbooks

Related questions

Q: Economics is a social science which deals with human behavior as a relationship between ________. a.…

A: It is said that Economics is a social science which deals with human behavior as a relationship.

Q: . It is primarily the basis of economic activity a. economics b. scarcity c. social science d.…

A: Economics is the study of human decisions in the face of scarcity.

Q: I. Essay. Explain the following. 1. What is Applied Economics? 2. What are the three basic economic…

A: Economics is that the study of insufficiency and its implications for the use of resources,…

Q: Productive and allocative efficiencies are among the core concepts in economics. i. Differentiate…

A: Productive efficiency says that the economy can't produce more of one commodity without sacrificing…

Q: Which of the following best demonstrates the influence of economic factors on consumer…

A: Consumer purchasing preferences and choices are heavily influenced by a country's or market's…

Q: 1. What is meant by scarcity? Why is it important in a study of economics? What does scarcity imply…

A: Scarcity refers back to the essential concept that resources, such as time, money, natural assets,…

Q: 5. Studying how the management of Hewlett Packard decides how many computers to produce and the…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: Economics who collect data and use it to test models are engaging in a) normative economics b)…

A: Basics:- Normative economics:- This segment of economics suggests the desired outcome on economics…

Q: Explain positive and normative statement with examples for each?

A: Economics is the study of behavior of humans considering the use of scarce or limited availability…

Q: 4. Who expressed the view that 'Economics should be neutral between ends'?

A: To find : Who expressed above statement.

Q: 27. Economists who develop models which they use to make predictions are engaged in a) micro…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: explains that the two most important assumptions of economics are scarcity and cost. Please explain…

A: The study of scarcity and its effects on resource use, product and service production, output growth…

Q: Which of the following makes economics an art? a. Practical use b. Value judgment c. Objectivity of…

A: Knowledge is distributed into various streams. This is done for the simplicity of gaining knowledge.…

Q: Economics can be defined as: a. The science of mathematics in an economy’s context. b. A social…

A: Demand for a good or service depends upon the price of that good or service. It also depends upon…

Q: Which of the following is NOT a key principle of economics

A: Economics is the social science that studies the production, distribution, and consumption of goods…

Q: Write four differences between Microeconomics and Macroeconomics?

A: The wants and desires of the individuals in the economy are unlimited but the resources available to…

Q: 1. How is economics a science? 2. Why do economists make assumptions?

A: 1)Economics is a social science, which is related to the concept of governing and be based on the…

Q: Study of one consumer’s behavior in the market is classified under _____________. a. Macroeconomics.…

A: Consumer Behaviour refers to the study of the behaviour of consumer i.e. consumer being a rational…

Q: . Define positive and normative economics.

A: Since you have posted multiple questions, we will solve the first question for you. If you require…

Q: 1. The field of economics is studied under three heads, of which "subject-matter of economics" is…

A: Subject matter tells us about how matter we study in a subject like we do in Economics. However…

Question

Part II :Choose the best answer from the alternatives given and write the letter
the bears it in the provided. (One point each)
11.Which part of economics is concerned with defining an ideal economy?
A. Positive economics
C. Deductive reasoning
B. Normative economics
D. Inductive reasoning
12.Subjective units used to measure utility are called
A. ordinal
B. cardinal
C. utils D. Marginal Utility (MU)
13. Which one is NOT property of indifference curves?
A. they are convex to the origin
B. they cannot intersect each other
C. they slope downwards from left to right
D. they are concave to the origin
14.Demand constitutes two basic elements. What are they?
A. interest and skill to buy
C. knowledge and psychology
B. willingness and ability to buy
D. None of the above
15. Which of the following factors is a determinant of price elasticity of demand
for a commodity?
C. The time period
A. The availability of substitutes
B. The number of uses of the commodity
D. All of the above
16.At which stage of production do total, average and marginal products
increase with an increasing use of a variable input?
A. Stage I
B. Stage II
C. Stage III
D. All are possible answers
17.Suppose the AR and MR of a firm at a given level of output was 20 and 15
respectively. What is the elasticity of demand for its product?
А. 5
В. 4
С. О
D. 1
18.Which two short run cost curves have the same shape?
A. ATC and AFC
C. MC and ATC
B. AVC and AFC
D. MC and AFC
19. Suppose the elasticity of demand equals 2. What is the MRof the firm given
the AR is 200?
А. 150
В. 10
С. 100
D. 20
20.The process of exchange of goods or services from sellers to buyers is
referred to as:
A. supply
B. market
C. demand
D. production

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Take Jeremys total utility information in Exercise 6.1, and use the marginal utility approach to confirm the choice of phone minutes and round trips that maximize Jeremys utility.
1. Pranav is deciding what to drink from a cooler that contains cans of soda pop and iced tea. When Pranav chooses iced tea, we assume that he will receive more utility from drinking iced tea than soda pop. Which economic concept is this conclusion based on? A. Satisfaction scales B. Revealed preference C. Rational behavior D. Utility minimization
1. The table shows the total utility Joseph derives from eating pizza in the evening while study- ing. Pieces of pizza/evening Total Utility 1 30 48 60 4 70 78 80 7 76 a. How much marginal utility does Joseph derive from the third piece of pizza? b. After eating how many pieces of pizza does marginal utility start to decline? c. If the pizza were free, what is the maximum number of pieces Joseph would eat in an evening? d. On separate diagrams, construct Joseph's total utility and marginal utility curves for pizza. Does the law of diminishing marginal utility hold? How do you know?
I need help with question 2 please
Question 32 The last unit purchased of good "X" gave you marginal utility = 3 and cost $10/unit. The last unit purchased of good "Y" gave you marginal utility = 1 and cost $4/unit. To maximize your utility you should: do nothing since you are already maximizing. O buy more of good "X" and less of good "Y." O buy less of good "X" and more of good "Y."
Most choices involve A. utility → B. marginal analysis C. consumption O D' the budget constraint or comparing the benefits and costs of doing a little bit more or a little bit less of something.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
2. In the following examples, state how you would use the principle of marginal analysis (and idea of diminishing marginal utility) to make a decision. Make sure to include at least one marginal cost and one marginal benefit. Use at least two sentences in your response. | a. Deciding how many Krispy Kreme doughnuts to eat in one sitting. b. Deciding how many AP classes for the 2021-2022 school year.
1. What is the Total Utility of the second unit? 2. What is the Marginal utility of the third, fourth and the fifth unit? 3. Explain the relationship between Total Utility and Marginal Utility. 4. At which rate is total utility increasing: a constant rate, a decreasing rate, or an increasing rate? How do you know? 5. “It is possible that a rational consumer will not purchase any units of the product represented by these data.” Do you agree? Explain why or why not. 6. In the last decade or so there has been a dramatic expansion of small retail convenience stores (such as 7 Eleven, Kwik Shop, and Circle K), although their prices are generally much higher than prices in large supermarkets. What explains the success of the convenience stores?
Choose the best answer using the utility chart below. What is the total utility for five snow cones? A. 50 B. 60 C. 45 D. 75
question # 1
microeconomic