Deadweight costs - Study guides, Class notes & Summaries

Yale Microeconomics 115 Final Exam Good and bad news of marginal revenue ️️-Good: sells an additional unit (gains p1) -Bad: All previous units are now cheaper (loses deltaP(Q1)) Marginal revenue in perfect competition ️️only need to think about prices MR(Q)= P2 + deltaP/deltaQ(Q1) first degree price discrimination ️️(NOT REALISTIC) charging each individual customer a different price based on their willingness to pay -firms know each individual's WTP and can charge each ...

WGU C211 GLOBAL ECONOMICS FOR MANAGERS (WGU) CENGAGE TEXT ACTUAL EXAM WITH VERIFIED & UPDATED ANSWERS 2023/2024 Globalization - CORRECT ANSWER-The close integration of countries and peoples of the world. Purchasing Power Parity (PPP) - CORRECT ANSWER-A conversion that determines the equivalent amount of goods and services that different currencies can purchase. Scenario Planning - CORRECT ANSWER-A technique to prepare and plan for multiple scenarios (either high or low risk). Ris...

currently is charging 25 cents per cup, but she wants to adjust her price to earn the $50 faster. If you know that the demand for lemonade is elastic, what is your advice to her? - ANSWER Lower the price to increase total revenue For which of the following goods is the income elasticity of demand likely lowest? - ANSWER water Assume that a 4 percent increase in income results in a 2 percent increase in the quantity demanded of a good. The income elasticity of demand for the good is - ANSWE...

Question 1-1 One reason the EU governments might subsidize research of an alternative to crude-oil based gasoline? A. More substitutes will reduce the price of crude-oil based gasoline for the EU. B. More substitutes will increase the EU’s demand elasticity of crude-oil based gasoline. C. More substitutes will reduce the impact of supply shocks on the price of crude-oil based gasoline in the EU. D. Any or all of the above. Answer: D. Developing substitutes are likely to both flatt...

Alf questions with correct answers 2024 demand the quantity that consumers are willing and able to purchase at various prices reinterpret demand shows buyers max "willingness to pay" for some quantity of output WTP - P* consumer surplus consumer surplus The difference between a buyer's willingness to pay and the price actually paid supply shows the quantity producers are willing and able to sell at various prices reinterpret supply shows sellers minim...

Which of the following is NOT true regarding perfectly competive markets? A. It is difficult or impossible for a firm to enter and compete in the market. B. All firms in the market are price takers. C. Homogenous goods are sold by the firms. D. The market contains many buyers and sellers. → It is difficult or impossible for a firm to enter and compete in the market. Regarding perfect competition, what does it mean when the goods sold by the firms in a market are homogeneous? A Firms ...

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...

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...

BUSINESS MAJOR FIELD TEST QUESTIONS AND ANSWERS GRADED A;(FULL TEST BANK) Accounting: What costs should be considered when making non-routine decisions? (3) Ans- The price of material, Factory overhead costs, and the price of labor Accounting: Total product/ units produced and sold equals?? Ans- Product Cost per Unit Accounting: What is a general explanation of what the contribution margin is? Ans- The difference between variable costs subtracted from sales Accounting: In a ...

Strategic trade theory advocates mercantilist policy for all industries. - -False The product life cycle theory is popularly known as the "diamond" theory. - -False The theory of national competitive advantage of industries does not take domestic demand conditions into account. - -False Factor endowments is one of the four interacting aspects of the theory of national competitive advantage of industries. - -True Classical theories are based on the assumption of perfect resource mobility....