Econ 205 - Study guides, Class notes & Summaries

a measure of how responsive the quantity demanded is to a change in price - -elasticity of demand -Elasticity rule: If two linear demand (or supply) curves run through a common point, then at any given quantity the curve that is _______ is more elastic. - -flatter -The fundamental determinant of the elasticity of demand is how easy it is to ________ one good for another. - -substitute -The fewer substitutes for a good, the ______ elastic the demand. - -less -The more substitutes for ...

subsidy - -money that government gives away in a market (reverse tax) -Subsidy DWL - -(1/2)(s)(change in Q) -Subsidy incidence - -benefit of per unit subsidy -Profit - -tt=TR-TC -Fixed Cost - -Costs that do not vary with the quantity of output produced -variable costs - -costs that vary with the quantity of output produced -total cost - -TC=FC+VC -marginal cost - -MC=change in TC/ Q

Economic Egalitarianism suggests that everyone should have... - -the same amount of income and wealth -Instead a doctrine of egalitarianism Frankfurt advances a doctrine of: - -Sufficiency -According to Frankfurt it is possible to compare each individual's utility for money - -False -According to Nozick equality of opportunity is problematic because it... - -Involves a conflict of rights between individuals -Creative destruction is related to... - -Economic activity when the new ind...

If a firm can only hire union members they are considered: - -A closed shop -Union work rules designed for increase the number of workers required to perform a job even though they may not be headed, refers to: - -featherbedding -If a firm can only hire union workers or non-union workers and no one is required to join the union they are considered - -Right to work states -Negotiations between workers and management regarding labor contracts is called: - -Collective bargaining

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Blackburn agrees with Butler that not all people act so as to maximize the intensity or duration of any specifc psychological state because: Question 1 options: Too many agents are irrational. Tha nos killed them all. There is too much diversity in the psychological states that agents have. Question 2 (1 point) Olson argues that no one will contribute anything to a commons. (Hint: Olson is discussed by Ostrom.) Question 2 options: True False Question 3 (1 point) Which strategy do Coakley & Kates...

verage variable cost is: • A. the firm's variable cost per unit multiplied by the quantity. • B. total variable cost divided by quantity. • C. the difference between average total cost and total variable cost. • D. the difference between total cost and total variable cost. Question 2 of 20 Which of the following is (are) correct? • A. Firms are organizations that produce goods and services. • B. Firms seek to maximize profits. • C. Firms seek to utilize factors of ...

Characteristic of a pure monopoly - -barriers to entry -Example of a monopoly - -the local water company -In which market structure do firms exist in very large numbers, each firm produces an identical product, and there is freedom of entry and exit? - -Only perfect competition -Best example of a perfectly competitive market - -Farming -The Herfindahl-Hirschman Index for a monopoly is - -10,000 -The HHI is definitely larger in a _________ market than in a _________ market - -monop...

This rule is used to approximate how many years it will take something to double in size when it is growing at a particular compound rate over time. What is this rule known as? - -The rule of 72 -If you were told that $10,000 placed in an investment account had doubled to $20,000 in 9 years, approximately what rate must this fund been earning over this nine-year period? - -8 percent rate -Suppose $5,000 is invested at an 8% compound rate per year. Approximately how many years will it take ...