Economics 2302 Study guides, Class notes & Summaries

1. Which example was used in this video?  An increase in the price of a car 2. Which example was used in this video?  A decrease in the price pf pizza 3. Which prices were used to calculate the midpoint elasticity of demand in this video?  $4 and $6 4. Which of these goods had elastic demand in the video?  Oranges 5. Which of the following statements is true of a linear demand curve, according to the video?  When

ECONOMICS 2302 Topic 5 – Market Efficiency Videos 1

Topic 6 Principles of Economics

ECONOMICS 2302 Topic 11 Monopolistic Competition and Oligopoly Videos

ECONOMICS 2302 Topic 5 VideoTopic 5 – Market Efficiency Videos 1

opic 7 Consumer Choice Assignment 1 1. The table below represents how Marco feels about chocolate candy bars. a. Fill in the missing values for total utility and marginal utility. Instructions: Enter your answers as a whole number. Chocolate Candy Bars and Marco's Utility Suppose Marco currently has two candy bars. You tell Marco you will give him either a soda, which gives him 22 utils of happiness, or two additional candy bars. b. Which is he likely to prefer? A soda Explanation a. ...

Topic 9 Perfect Competition Assignment 1 1. Which of the following markets is most likely to be perfectly competitive?  The market for mushrooms 2. Which of the following markets is most likely to be perfectly competitive?  The market for rock salt 3. What are the likely reason(s) that the market for electricity is not perfectly competitive?  It is difficult to enter or exit the industry as a supplier.  There are few sellers in the market. 4. What are the likely reason(s) tha...

Topic 10 Monopoly Videos

opic 10 Monopoly Assignment 1 1. Which of the following suppliers is most likely to be a monopolist? A water company 2. Which of the following scenarios best represents the pricing behavior of a monopolist? Our Drugs Inc. produces where its marginal revenue is equal to its marginal cost and prices on its downward-sloping demand curve, such that the market for its product clears knowing it will not face competition due to patents it holds on its products. 3. The table below shows the dema...

opic 8 – Production Assignment 1 1. Which of the following is an implicit cost of owning and operating a farm? The money a farmer could earn by working for someone else 2. Barney decides to quit his job as a corporate accountant, which pays $10,000 a month, and goes into business for himself as a certified public accountant. He runs his business from his converted garage apartment, which he could rent out for $300 a month if he wasn’t using it as a home office. He must purchase office ...