100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECON 402 FINAL || ALREADY GRADED A+. CA$14.38   Add to cart
Quickly navigate to
Preview
  2.  
  3. ECON 402
  4.  
  5. ECON 402

Exam (elaborations)

ECON 402 FINAL || ALREADY GRADED A+.
 13 views  0 purchase
  • Course
  • ECON 402
  • Institution
  • ECON 402

assume that a market is initially in equilibrium and that market demand and supply follows the laws of supply and demand correct answers market equilibrium will decrease but equilibrium quantity will increase The price elasticity of demand is used by businesses to: correct answers understand the...

[Show more]

Preview 1 out of 3  pages

Document information

  • August 16, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • assume that a market is initially in equilibrium a

Written for

  • ECON 402
  • ECON 402

Seller

avatar-seller
FullyFocus

Reviews received

Content preview

ECON 402 FINAL || ALREADY GRADED A+.
assume that a market is initially in equilibrium and that market demand and supply follows the
laws of supply and demand correct answers market equilibrium will decrease but equilibrium
quantity will increase

The price elasticity of demand is used by businesses to: correct answers understand the
sensitivity of customers to changes in price.

Jack bought a home for $300,000 several years ago. This year Jack would like to sell the home,
but it is
currently worth only $250,000. Jack knows that if he spent $20.000 to renovate the kitchen, he
could
improve the sales value of be house to $275,000. What should Jack do? correct answers Spend
the full $20.000 to renovate the kitchen

If a firm has some control of the price of its product and leams that the demand for its product is
price
elastic at its current price, the firm knows that: correct answers it can increase its revenue by
decreasing price

If you are thinking at the margin, you must ignore: correct answers sunk costs

When engaging in an activity where the marginal benefit is greater than the marginal cost, well-
being can
be increased by: correct answers increasing activity level

A monopoly is a market structure characterized by: correct answers b. product sold in the market
is unique with no good substitute

When a firm's
marginal revenue equals its marginal cost, correct answers The firms profit is at maximum.

Suppose that in the "market for UNH student parking spots today. 500 spaces were supplied by
the
University and 600 students (with parking stickers) wanted a parking spot. This tells us what?
correct answers The price of parking stickers is currently below market equilibrium price

Which of the following best defines a public good? correct answers It requires government
approval before it can be produced.

An airline with all but 5 seats (out of 50) booked on a next-day flight is considering selling
tickets at a
deeply discounted price over the Internet. The fixed costs of the Night ($4,500) include fuel and
crew salary

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$14.38. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

66579 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$14.38
  • (0)
  Add to cart