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- When someone is a seller in the market for factors of production the money they receive in this market is referred to as revenue they are a buyer in the market for inputs money flows from them to buyers in the market for goods and services O they receive wages or rents in exchange for inputs Question 6 MacBook Air 000 O00 F4 F3 F5 F6 F7 F8 2$ % & 4 5 7 8 R Y * CO0-Principles of Economics 1 | S1 21/22 Time le When might the supply curve for microwave ovens shift? Select one: O a. Only if the price of steel increases. O b. when a determinant of the supply of microwave ovens other than the price of microwave ovens changes. O c. only when production technology changes. O d. only when the number of sellers of microwave ovens changes. O e. when any determinant of the supply of microwavevens changes. Next F4 d'Artagnan, Athos, Porthos, and Aramis are good friends and passionate readers of modern fiction. When Alexandre Dumas's new book 'The Three Musketeers' came out last month, they all went to buy a copy. The price was 5 francs. Their willingness to pay were as follows: d'Artagnan: 35 francs, Athos: 30 francs, Porthos: 25 francs, and Aramis: 20 francs. Assuming there was no shortage of the book, the total consumer surplus was 110 francs 70 francs 90 francs 50 francs We cannot compute the total consumer surplus without information about the costs.
- q/basket TC $40 55 2. 65 3 72 4. 81 5 93 109 131 8. 159 194 10 235 If the farm sells a basket of apples for $18, what is the profit maximizing number of baskets they should produce? O5 6. 07IS LOU TIng CLEAR MY CHOICE ion Which answer summarizes Hotellings Rule? O a. A monopoly market leads to a decrease in scarcity rent of renewable resoúrces. O b. Competitive market forces lead to increase in the interest rates for finite, exhaustible resource. ut of O c. Competitive market forces lead to a decrease of scarcity rent of a finite, exhaustible resource that equal the interest rate. O d. Competitive market forces will lead to an increase in scarcity rent of a finite, exhaustible resource that increases at the interest rate. stion What happens if the resource is depleted? recovery O a. Modern technology can provide faster extraction anesred er saved ut of Ob. None of the answers above is correct.Please no written by hand and no emage
- According to the MRS, what's the maximum number of sleeping hours Katy would be willing to give up to visit one more party, if she currently visits 2 parties and sleep 8 hours per day? O 1/4 O 1/2 O 2 4Refer to the below demand a supply curves for sugar to answer the question that follows, The market for sugar is in equilibrium at a price of and a quantity of Kilograms of sugar * Q 230 210 190 170 O 150 130 110 90 4 16 P 6. 8. 10 12 14 O $ 10,150 Kg O $110,6 Kg $ 8,130 Kg $ 150 , 10 KgThe supply curve is Choose the best options from the choices below. sloping, which means that of a good will be supplied at higher prices. O a. upward; less O b. downward; less Oc upward; more O d. downward; more From the following find the difference between Positive and Normative statements? O a. normative statements can be tested whereas positive statements cannot O b. positive statements and normative statements can be graphed Oc normative statements state "what is" and positive statements state "what ought to be." Od. positive statements can be tested whereas normative statements cannot
- Choices for a.) are -approximately $15 - approximately $6 -approximately $9John's Vineyard Quantity Produced 0 1 2 3 4 5 6 7 8 Select one: O a. $25 O b. $225 COSTS Total Cost O c. $115 O d. $75 $0 $50 $102 $157 $217 $285 $365 $462 $582 Marginal Cost Quantity Demanded 0 1 ~/3 2 4 5 67 8 REVENUES Price $80 $80 $80 $80 $80 $80 $80 $80 $80 Refer to Table 6. What is John's Vineyard's economic profit at its profit-maximizing output level? Total Revenue Marginal RevenueQUESTION 19 Exhibit: Production Possibilities in Alphaland and Omegaland Computers (thousands per year) 2947654321 10 (Exhibit: for O a. 1; 2 Ob. 2; 1 O c. 1; 1/5 O d. 1/5; 1 Panel (A) Alphaland (Slope of PPC at A = -2) Cars (thousands per year) Computers (thousands per year) 10 9 8 Panel (B) Omegaland (Slope of PPC at A' = -0.2) A' Cars (thousands per year) 11 Production Possibilities in Alphaland and Omegaland) Before trade in Omegaland, computer. car could exchange
