Economics Review Unit One
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1. When making a decision, you give up your second best choice, which is the opportunity cost. 2. The largest opportunity cost of attending college is the earnings and experience you forgo during the time spent in college. 3. Some key characteristics of a market economy are private property, voluntary exchange, and competition between businesses.
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The key concepts from Chapter 2 of the document include:
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2) Opportunity cost is the best alternative forgone in making a decision and represents the value of the next best choice not selected.
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This document provides an overview of the AP Microeconomics unit on basic economic concepts taught at Cherokee High School. The unit covers fundamental topics like scarcity, opportunity costs, production possibilities curves, comparative advantage, and different economic systems. It lists the relevant state standards, reading assignments from the textbook, planned lectures, activities, worksheets, tests and graphs to be completed. The unit objectives are to understand key microeconomic terms and concepts and learn how to interpret graphs related to production, costs and trade.
Ms 09 managerial economics (1)
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
“ help.mbaassignments@gmail.com ”
or
Call us at : 08263069601
(Prefer mailing. Call in emergency )
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1. In the perfectly competitive market, a firm’s marginal revenue (MR) is equal to:
its total cost
its marginal profit
the market price
its total revenue
2. The demand curve facing the firm in _________ is the same as the whole market demand curve.
perfect competition
monopolistic competition
oligopoly
monopoly
3. Individual cartel producers may find it advantageous to cheat on the agreements by increasing production,
if the other producers obey the agreements.
if every member cheats.
when the punishment on cheating is severe.
when the market demand is inelastic.
4. The profit-maximizing monopolist facing a negative-sloping demand curve will always produce
at an output greater than the output where average total costs are minimized.
at an output short of that output where average total costs are minimized.
at an output equal to industry output under perfect competition.
at an output short of that output where the profits are maximized.
5. The Lerner index, (P-MC)/P, might be an inappropriate measure for market power among firms in IT industry because
there are too many firms in the industry.
most firms charge a high price for their products.
all firms’ marginal costs are very low.
no firm has market power
6. In the long-run, a firm in a monopolistically competitive industry will
earn a positive economic profit
tend to just cover its total cost, maintaining a normal profit
charge a price equal to its marginal cost
become a monopoly
7. An average variable cost function is estimated as
AVC
= 96− 2Q + 0.05Q2
When Q=100, the average variable cost is _________.
rising
falling
unknown.
greater than $400
8. In the short-run for a perfectly competitive market, a manufacturer will stop production when:
the total revenue is less than total costs
the contribution cannot cover any fixed costs
the price is greater than AVC
operating at a negative economic profit
9. Refer to the following table showing the total cost schedule for a perfectly competitive firm:
Q
TC ($)
0
20
1
45
2
65
3
100
4
145
5
195
If market price is $40, how many units of output will the firm produce for profit-maximization?
2 units of output
3 units of output
4 units of output.
5 units of output.
2.5 points
10. Refer to the following table showing the total cost schedule for a perfectly competitive firm:
Q
TC ($)
0
20
1
45
2
65
3
100
4
145
5
195
If market price is $40, what is the maximum profit the firm can earn?
$15
$20
$25
$30
11. Refer to the following table showing the total cost schedule for a perfectly competitive firm:
Q
TC ($)
0
20
1
45
2
65
3
100
4
145
5
195
If market price is $20, how many units of output will the firm produce?
0, the firm shuts down.
1
2
3
12. Refer to the following table showing the total cost schedule for a perfectly competitive firm:
Q
TC ($)
0
20
1
45
2
65
3
100
4
145
5
195
...
fundamentals of economics
Scarcity exists because human wants are unlimited while resources are limited. This forces individuals and societies to make choices. Economics is the study of how people make choices to allocate scarce resources. Microeconomics examines individual decision-making units while macroeconomics takes a broader view of the overall economy. Models are used to understand and predict economic events by simplifying reality and testing assumptions like ceteris paribus, which holds all other factors constant.
Perfect Competition
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1.5.10 Market structure, static efficiency, dynamic efficiency and resource a...
1. The document discusses different types of economic efficiency including productive efficiency, allocative efficiency, and dynamic efficiency.
2. Productive efficiency occurs when maximum output is produced at minimum cost, while allocative efficiency occurs when production matches consumer demand.
3. Dynamic efficiency refers to improvements in technology and production methods over time that allow firms to better satisfy consumer needs.
Blue Ocean Strategy by W. Chan Kim and Renee Mauborgne
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or
Call us at : 08263069601
(Prefer mailing. Call in emergency )
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1. In the perfectly competitive market, a firm’s marginal revenue .docx
1. In the perfectly competitive market, a firm’s marginal revenue (MR) is equal to:
its total cost
its marginal profit
the market price
its total revenue
2. The demand curve facing the firm in _________ is the same as the whole market demand curve.
perfect competition
monopolistic competition
oligopoly
monopoly
3. Individual cartel producers may find it advantageous to cheat on the agreements by increasing production,
if the other producers obey the agreements.
if every member cheats.
when the punishment on cheating is severe.
when the market demand is inelastic.
4. The profit-maximizing monopolist facing a negative-sloping demand curve will always produce
at an output greater than the output where average total costs are minimized.
at an output short of that output where average total costs are minimized.
at an output equal to industry output under perfect competition.
at an output short of that output where the profits are maximized.
5. The Lerner index, (P-MC)/P, might be an inappropriate measure for market power among firms in IT industry because
there are too many firms in the industry.
most firms charge a high price for their products.
all firms’ marginal costs are very low.
no firm has market power
6. In the long-run, a firm in a monopolistically competitive industry will
earn a positive economic profit
tend to just cover its total cost, maintaining a normal profit
charge a price equal to its marginal cost
become a monopoly
7. An average variable cost function is estimated as
AVC
= 96− 2Q + 0.05Q2
When Q=100, the average variable cost is _________.
rising
falling
unknown.
greater than $400
8. In the short-run for a perfectly competitive market, a manufacturer will stop production when:
the total revenue is less than total costs
the contribution cannot cover any fixed costs
the price is greater than AVC
operating at a negative economic profit
9. Refer to the following table showing the total cost schedule for a perfectly competitive firm:
Q
TC ($)
0
20
1
45
2
65
3
100
4
145
5
195
If market price is $40, how many units of output will the firm produce for profit-maximization?
2 units of output
3 units of output
4 units of output.
5 units of output.
2.5 points
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Q
TC ($)
0
20
1
45
2
65
3
100
4
145
5
195
If market price is $40, what is the maximum profit the firm can earn?
$15
$20
$25
$30
11. Refer to the following table showing the total cost schedule for a perfectly competitive firm:
Q
TC ($)
0
20
1
45
2
65
3
100
4
145
5
195
If market price is $20, how many units of output will the firm produce?
0, the firm shuts down.
1
2
3
12. Refer to the following table showing the total cost schedule for a perfectly competitive firm:
Q
TC ($)
0
20
1
45
2
65
3
100
4
145
5
195
...
fundamentals of economics
Scarcity exists because human wants are unlimited while resources are limited. This forces individuals and societies to make choices. Economics is the study of how people make choices to allocate scarce resources. Microeconomics examines individual decision-making units while macroeconomics takes a broader view of the overall economy. Models are used to understand and predict economic events by simplifying reality and testing assumptions like ceteris paribus, which holds all other factors constant.
Perfect Competition
The document discusses the concept of general equilibrium and the efficiency of perfect competition. It provides definitions for key terms related to general equilibrium analysis and competitive markets such as partial equilibrium, general equilibrium, efficiency, and allocative efficiency. It examines how perfectly competitive markets can allocate resources efficiently and produce outcomes that are Pareto optimal. However, it notes that real-world markets often differ from the assumptions of perfect competition, which can result in market failures from things like imperfect competition, externalities, public goods, and imperfect information.
1.5.10 Market structure, static efficiency, dynamic efficiency and resource a...
1. The document discusses different types of economic efficiency including productive efficiency, allocative efficiency, and dynamic efficiency.
2. Productive efficiency occurs when maximum output is produced at minimum cost, while allocative efficiency occurs when production matches consumer demand.
3. Dynamic efficiency refers to improvements in technology and production methods over time that allow firms to better satisfy consumer needs.
Blue Ocean Strategy by W. Chan Kim and Renee Mauborgne
This document provides an overview and summary of the book "Blue Ocean Strategy" by W. Chan Kim and Renee Mauborgne. It discusses key concepts from the book, including how blue ocean strategy focuses on creating new market space rather than competing in existing "red oceans." The document outlines six paths or frameworks for reconstructing market boundaries and creating blue oceans, including looking across alternative industries, strategic groups, chains of buyers, complementary products/services, functional/emotional appeal, and time. Examples are provided for how companies like Cirque du Soleil, Casella Wines, and others successfully applied blue ocean strategy principles to create new demand and make competition irrelevant.
Blue Ocean Strategy
This document discusses the concept of Blue Ocean Strategy as presented in the book of the same name by W. Chan Kim and Renee Mauborgne. It provides examples of companies like Cirque du Soleil and Netflix that created new "blue oceans" of uncontested market space rather than competing in existing "red oceans." The document outlines tools and frameworks for formulating a blue ocean strategy, including reconstructing market boundaries, focusing on the big picture, reaching beyond existing demand, getting the strategic sequence right, overcoming organizational hurdles, building execution into strategy, and ensuring sustainability.
Unit 1 review_session
The document provides an overview of basic economic concepts. It discusses:
- Economics is the study of how individuals and societies deal with scarcity. Scarcity means that resources are limited and our wants are unlimited, so we must make choices about how to use resources.
- Microeconomics studies small economic units like individuals and firms, while macroeconomics looks at the overall economy. Positive economics makes factual statements, while normative economics includes value judgments.
- The production possibilities curve (PPC) model shows the tradeoffs between producing different goods given limited resources. Points on the PPC are productively efficient, while the optimal point depends on societal wants.
- Comparative advantage explains why countries
Market Structures and Economic Efficiency
This document discusses economic efficiency and different market structures. It begins by defining economic efficiency and its various forms, including allocative efficiency, productive efficiency, and dynamic efficiency. It then examines different market structures - perfect competition, monopoly, monopolistic competition, and oligopoly - and evaluates how efficiently each allocates resources. Perfect competition achieves full efficiency while monopoly and imperfect competition can be inefficient. Contestable markets use the threat of entry and exit to make monopolies behave more competitively.
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This document outlines 10 principles of economics according to a textbook. It discusses principles related to how people make decisions, how people interact through markets and trade, and how the overall economy functions. Some of the key principles covered are that people face tradeoffs, rational people think at the margin when making choices, and markets are generally effective at organizing economic activity but governments may intervene to address market failures or inequities. Productivity is the main driver of national living standards and excess money growth causes long-run inflation.
Micro ch1-presentation-131022070429-phpapp02
This document outlines 10 principles of economics according to a textbook. It discusses principles related to how people make decisions, how people interact through markets and trade, and how the overall economy functions. Some of the key principles covered are that people face tradeoffs, rational people think at the margin, markets are generally an efficient way to organize economic activity, inflation is usually caused by too much money printing, and there is a short-run tradeoff between inflation and unemployment. The document provides examples and explanations for each principle.
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This document contains a series of questions and prompts from an economics review unit. It includes questions about opportunity costs, characteristics of market economies, production possibilities curves, factors of production, and economic incentives. The document is a collection of questions and prompts from an economics class reviewing key concepts.
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AP MIcro Perfect Competition
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2) It then covers the two approaches firms use to maximize profits in the short-run: total revenue-total cost and marginal revenue-marginal cost. Both approaches are shown to result in the rule of producing at the quantity where marginal revenue equals marginal cost.
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AP Micro Elasticity
This document discusses key concepts related to elasticity, including:
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2. It explains the determinants of elasticity and different types including perfectly inelastic/elastic demand.
3. It discusses how price elasticity relates to total revenue and the total revenue test for profit maximization.
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The document discusses concepts related to consumer behavior and utility maximization. It provides examples of how consumers will allocate their budget to maximize total utility based on the principles of marginal utility and diminishing returns. When the price of a good changes, consumers will alter their consumption through income and substitution effects to stay on the highest indifference curve permitted by their new budget constraint. Graphs and algebraic representations are used to derive the demand schedule and demand curve from utility-maximizing choices.
Personal finance presentation
This document provides several concise ways to teach personal finance concepts through examples and calculations. It explains that saving $4,000 per year from ages 16 to 20 with a 10% annual return can result in $1 million by age 65. It also uses the rule of 72 to show how investment amounts can double over time based on interest rates. Additional examples demonstrate the benefits of starting to save and invest early, as well as the advantages of tax-deferred retirement accounts over regular savings. Diversifying investments across multiple areas is also emphasized as a risk reduction strategy.
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The document presents several key graphs that are important for the AP Macroeconomics exam, including:
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Economics Review Unit One
- 1. When you make a decision, this is what you give up, your second best choice Opportunity Cost 1
- 2. What are the basic economic questions? What? How? For whom? 2
- 3. What is the largest opportunity cost of attending college? 3
- 4. Name 3 characteristcs of a a market economy 4
- 5. Who benefits from a voluntary, economic transaction. 5
- 6. 7 According to the economic perspective, You should go to a movie if........ ________________________________ ________________________________ __________________________ 6
- 7. This characteristic of a market economy leads to lower prices and better quality and service. Competition 7
- 8. Name a disadvantage of a command economy 8
- 9. Name two things that PPC curves tell us 9
- 10. What is the difference between tradeoffs and opportunity costs 10
- 11. Wants > Availability of resources = ? Scarcity 11
- 12. Name a capital good 12
- 13. Give an exapmle of an economic incentive 13
- 14. If something becomes more costly, people generally do Less _____________ of that activity. 14
- 15. Needs vs. Wants 15
- 16. According to the economic perspective, what does every choice have? A Cost 16
- 17. This term means maximizing output from a given set of resources Efficiency 17
- 18. A measure of the amount of output produced by a given amount of inputs in a specific period of time. Specialization 18
- 19. Individuals sell scarce resources in this market of the circular flow model Resource Market 19
- 20. Give me an example of an opportunity cost 20
- 21. 21
- 22. Which factor of production includes natural resources, e.g., Oil. Land 22
- 23. benefit or satisfaction Utility 23
- 24. Why are butchers motivated to produce steaks in a market economy? 24
- 25. What was the coolest document written in 1776? The Wealth of Nations, by Adam Smith 25
- 26. TANSTAAFL 26
- 27. Why did Adam Smith write about a pin factory 27
- 28. Why some essentials are inexpensive and nonessentials are very expensive Paradox of Value 28
- 29. The sum of people's skills abilities, and motivaiton. Human Capital 29
- 30. Why is the economic perspective unpopular? 30
- 31. What happens to the opportunity costs as you move from a to b to c. What term describes this effect? 31
- 32. 32