Exam (elaborations)
Economics 1B03 Final Exam Fall
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Economics 1B03 Final Exam Fall
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1-162 of 162Are goods where if the selling price of one good increases, the quantity supplied of
that good will increase and the supply of the other good will decrease.
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Substitutes in production
A group of buyers and sellers of of a good or service
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Market
- Economic Growth
- Immigration that increases the labour force
- The development of a new technology
- An increase in land converted for industrial development.
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A rightward shift on a PPF could signal...
results when:
- P = MC in the SR
- P = minATC in the SR
- P = minimum LRAC
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LR - Equilibrium
if someone is using a good, others' ability to use that same good diminishes.
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, rivarly
property of a production function whereby when all inputs are increased by a certain
percentage, output increases by that same percentage
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Constant Returns to Scale, CRS
excludable and rival
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Private Good
(%change in Qd) / (%change of income)
- Measures how Qd responds when the income of consumers of the good changes.
- If value is (+) -> normal good
- If value is (-) -> inferior good
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Income Elasticity of Demand (En)
, A situation in which quantity demanded is greater than quantity supplied (below
equilibrium)
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A shortage
Advancements that ultimately make an item cheaper to produce will likely increase
supply and shift the supply curve right
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Technological Advancements
The amount of product producers are willing and able to supply may be influenced
by whether they believe prices will go up or down.
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Producer Expectations
Production inputs that cannot be changed in the short run
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