Deadweight costs - Study guides, Class notes & Summaries

Microeconomics (FHNW) Exam Questions With 100% Correct Answers. Definition - Consumer surplus of the economy - answerThe consumer surplus of the economy is the sum of the consumer surpluses of all individual consumers. All goods and services have decreasing marginal benefits and so consumers receive more benefit than the amount paid for goods and services. What happens when the price exceeds the marginal cost? - answerThe company receives a producer surplus. Producer surplus = Sales pric...

ECS1601 Assignment 6 (ANSWERS) Semester 1 2023 () - Due 6 June 2023 100% TRUSTED workings, explanations and solutions. Whatsapp 067 171 1739 for assistance. ................................................ Households are confronted with………, but with ………resources with which to satisfy those wants. a. unlimited wants; limited  b. limited wants; limited c. unlimited wants; unlimited d. limited wants; unlimited Households are confronted with unlimited wants, but with limited...

EC385 Midterm Exam Questions With Verified Solutions Variable Ticket Pricing (VTP) - answer•sets ticket prices in line with expected demand for a future game MR is larger for a more attractive game. Dynamic Ticket Pricing (DTP) - answerallows the team to capture additional revenue based on individual game characteristics that are unknown at the start of the season -influences to demand not known before the season open - Scoring streaks Bundling - answer•Teams bundle less attractive t...

ECS2601 Assignment 4 (QUIZ) Semester 1 % TRUSTED workings, explanations and solutions. Whatsapp 067 171 1739 for assistance. ............................................................... In the short run, a perfectly competitive firm earning positive profit is … a. at the minimum of its ATC. b. on the upward sloping portion of its ATC. c. on the downward sloping portion of its ATC. d. above its ATC. If current output is less than the profit-maximising output, then the next unit prod...

EC385 Midterm Exam Questions With Verified Solutions Variable Ticket Pricing (VTP) - answer•sets ticket prices in line with expected demand for a future game MR is larger for a more attractive game. Dynamic Ticket Pricing (DTP) - answerallows the team to capture additional revenue based on individual game characteristics that are unknown at the start of the season -influences to demand not known before the season open - Scoring streaks Bundling - answer•Teams bundle less attractive t...

ECN 212 FINAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS 2024/2025 UPDATE Since a competitive firm sets MR = P to determine all quantities in the short run, we can conclude that: - Answer- the demand curve faced by each individual competitive firm is perfectly elastic. Suppose that a firm in a perfectly competitive industry has the following marginal cost curve: MC = 4Q + 18. If the market price for the good they produce is $47.7, how many units of this good will the firm produce? - Answer-...

Which of the following statement is false with respect to monopolistically competitive firms and monopolies? a. both face a downward sloping marginal revenue curve b. both will reduce quantity produced in order to raise prices and extract greater profits c. both will experience sustained profits in the long run d. both lead to deadweight loss in the short run correct answers c. both will experience sustained profits in the long run Why would a typical U.S. business fail to take th...

Consider the market for plane tickets to Hawaii. A bad winter in the mainland United States increases demand for tropical vacations, shifting the demand curve to the right. The supply curve stays constant. Total surplus will: ANSWER IS: - increase because both consumer and producer surplus increase. Rent control creates deadweight loss for both consumers and suppliers of housing. Consumers are often in favor of this policy because: ANSWER IS: - they think they will be able to fi...

CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ Larger ratio is better If (Rt) is higher than RFR, then it becomes Safety First Ratio Centra...

What is the shape of the demand curve faced by a perfectly competitive firm? - Horizontal A profit-maximizing competitive firm will produce up to the point which...... - marginal revenue equals marginal cost. A competitive firm is said to maximize its profit when....... - the price is equal to marginal cost. In the presence of technology spillovers, the market tends to ____________ and _____________ the product relative to societies best interest. - underproduce, overprice Suppose th...