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
ECON2150 MIDTERM #1 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ||ALREADY GRADED A+||NEWEST VERSION $13.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. ECON 2105
  4.  
  5. ECON 2105

Exam (elaborations)

ECON2150 MIDTERM #1 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ||ALREADY GRADED A+||NEWEST VERSION
 0 purchase
  • Course
  • ECON 2105
  • Institution
  • ECON 2105

Quiz: Factors of production Ans: Resources that are used to produce a good Quiz: Inputs Ans: Resources, such as labour, capital equipment, and raw materials, that are combined to produce finished goods Quiz: Output Ans: The amount of a good or service produced by a firm Quiz: Production fun...

[Show more]

Preview 4 out of 32  pages

Document information

  • January 20, 2025
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • econ2150 midterm 1 questions and correct detaile

Written for

  • ECON 2105
  • ECON 2105

Seller

avatar-seller
TestTrackers

Reviews received

Content preview

Testtrackers


1
ECON2150 MIDTERM #1 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ||ALREADY GRADED A+||NEWEST
VERSION
Quiz: Factors of production

Ans: Resources that are used to produce a good




Quiz: Inputs

Ans: Resources, such as labour, capital equipment, and raw materials, that are

combined to produce finished goods




Quiz: Output

Ans: The amount of a good or service produced by a firm




Quiz: Production function

Ans: A mathematical representation that shows the maximum quantity of

output a firm can produce given the quantities of inputs that it might employ




o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+ 254707240657]
o For online exams and tutor expert, please
whatsapp me in the number given.

, Testtrackers


2
Quiz: efficient

Ans: points on the production function are?




Quiz: inefficient

Ans: points inside the production function are?




Quiz: unachievable

Ans: points outside of the production function are?




Quiz: Production set

Ans: The set of technically feasible combinations of inputs and outputs




Quiz: an objective function and a set of constraints

Ans: what are the two parts of an optimization model?




Quiz: objective function

o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+ 254707240657]
o For online exams and tutor expert, please
whatsapp me in the number given.

, Testtrackers


3
Ans: The relationship that a decision maker seeks to maximize or minimize




Quiz: constrained optimization

Ans: An analytical tool for making the best (optimal) choice, taking into

account any possible limitations or restrictions on the choice




Quiz: Constraints

Ans: The restrictions or limits imposed on a decision maker in a constrained

optimization problem




Quiz: marginal

Ans: tells us how a dependent variable changes as a result of adding one unit

of an independent variable




Quiz: Marginal cost




o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+ 254707240657]
o For online exams and tutor expert, please
whatsapp me in the number given.

, Testtrackers


4
Ans: measures the incremental impact of the last unit of the independent

variable (output) on the dependent variable (total cost)




Quiz: Equilibrium

Ans: A state or condition that will continue indefinitely as long as factors

exogenous to the system remain unchanged




Quiz: comparative statics

Ans: Analysis used to examine how a change in some exogenous variable will

affect the level of some endogenous variable in an economic system




Quiz: Increasing marginal returns to labour

Ans: The region along the total product function where output rises with

additional labour at an increasing rate




Quiz: Diminishing marginal returns to labour




o
o
© 2025 TestTrackers
WhatsApp or call o Resources & Updates: [Testtrackers - Stuvia US]
o Your Success is Our Mission!
[+ 254707240657]
o For online exams and tutor expert, please
whatsapp me in the number given.

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 TestTrackers. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

62774 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$13.99
  • (0)
Add to cart
Added