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by: Brett Stanton

Microeconomics ECON 25100

Brett Stanton
GPA 3.6


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This 29 page Study Guide was uploaded by Brett Stanton on Saturday September 19, 2015. The Study Guide belongs to ECON 25100 at Purdue University taught by Staff in Fall. Since its upload, it has received 57 views. For similar materials see /class/207956/econ-25100-purdue-university in Economcs at Purdue University.


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Date Created: 09/19/15
Econ251 R BBQ Blowout April 21st 2006 Practice Round What type of economies exist when the long run average total costs declines as output increases Answer Economies of Scale List the four factors of production What is this curvy line called need full name Sweet Tea Moonshine What is the Price Elasticity of Demand at a price of 40 40 20 Imagine a Market in Equilibrium What happenstothe current Equilibrium Price and Quantity when the expected future price of a good is below the current Market Price has P Moonshine a more elastic S demand for moonshine at 1 10 D D West Lafayette Delphi 100 Q Quantity Quantity Demanded Supplied What IS the quantity surplus Pg when a price ceiling of 15 9 325 100 IS Imposed on this market 10 300 150 11 275 200 12 250 250 13 225 300 14 200 350 15 175 400 16 150 450 17 125 500 18 100 550 Who decomposed the effects of a price change into its income and substitution effects What was the name of Dan s undergraduate school 20 Pens 25 pencHs What is the opportunity cost of making 10 Pens Quantity Quantity Demanded Supplied What IS the surplus when a Price price floor of 17 is imposed on this market 9 325 100 10 300 150 11 275 200 12 250 250 13 225 300 14 200 350 15 175 400 15 150 450 17 125 500 18 100 550 The Smith family eats both meat and potatoes on a regular basis and we need to know how the family views these goods If the price of meat rises and the family eats more potatoes the two goods must be What are goods that are nonexcludable and rival The marginal utility gained from good x divided the marginal utility gained from good y is called Who termed the word Invisible Hand What condition results in no long term profits for a firm in a perfectly competitive industry What is the two word that describes the following for a consumer What is the tax revenue for this excise tax 4O 80 Goods that have the follow utility curves are called For a perfectly competitive firm the price that corresponds to the bottom of the average total cost curve is called what Imagine a Market for an inferior good in Equilibrium What happenstothe current Equilibrium Price and Quantity when consumers income increases I have in producing a good if I can produce more of it in a given amount of time with my given resources than anyone else 20 Pens 20 25 pencHs Which point is efficient Define an efficient allocation Only exact answers count Name 3 currently as of 2006 nonscarce goods we ve discussed in class What is it called when a monopoly can sell its good at different prices to different consumers What is the Producer Tax Incidence ST ax 4O 80 Whatisthe Fixed Costof Production Pgt MC


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