Question 11 (5 points) Assume the supply function for good X can be written as Q

Question

Question 11 (5 points)

Assume the supply function for good X can be written as Qs= -100 + 27Px - 5Py - 1.8W, where Px=the price of X, Py= the price of good Y, and W = Wage index for workers in industry X. According to this equation:

Question 11 options:

Question 12 (5 points)

Assuming that C = $4,500, I= $1,000, G = $1,200, Exports = $450, Imports= $550, Depreciation=$600, and Indirect Business Taxes= $500 (all in billions of dollars), GDP equals:

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Question 13 (5 points)

You have the following demand equation for a pack of cigarettes: Q = 200 - 0.30P with the average quantity 3 packs and average price $3.00 per pack. What is the price elasticity?

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Question 14 (5 points)

Which of the following would be classified as a short-run decision?

Question 14 options:

a) A university's decision to add a new residence hall.

b) A firm's decision to decrease in the amount of electricity used in day-to-day operations by encouraging employees to adopt conservation strategies, e.g., shut off lights when leaving a room.

c) A trucking firm's decision to move to a smaller facility.

d) A restaurant's decision to increase the number of patrons it can accommodate by adding on a new dining room.

Question 15 (5 points)

Which of the following would not cause the supply curve for gasoline to shift?

Question 15 options:

Question 16 (5 points)

The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called:

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Question 17 (5 points)

All of the following are possible characteristics of a monopoly except:

Question 17 options:

Question 18 (5 points)

Which of the following statements is correct?

Question 18 options:

Question 19 (5 points)

Assume the technology for producing personal computers improves and, at the same time, individuals discover new uses for personal computers so that there is greater utilization of personal computers. Which of the following will happen to equilibrium price and equilibrium quantity?

Question 19 options:

Question 20 (5 points)

Consider the production function for bottled water. All of the following would be considered variable inputs except:

Question 20 options:

a) X and Y are substitutes. b) X and Y are complements. c) each one unit increase in price causes quantity supplied to increase by 73 units. d) a decrease in wages would cause a decrease in the quantity supplied at each price.

Explanation / Answer

11 X and Y are complements.

12 5,500

13 a -30

14 b) A firm's decision to decrease in the amount of electricity used in day-to-day operations by encouraging employees to adopt conservation strategies, e.g., shut off lights when leaving a room.

15 A change in the incomes of drivers.

16 conjoint analysis.

17 Economic profit is the difference between total revenue and implicit costs.

18 Economic profit is the difference between total revenue and explicit costs.

20 C. the machine used to fill each bottle.

Please don't ask so many Questions as single Question , ask them seperately

If you don't understand anything then comment, I'ill revert back on the same. :)

19.d) Quantity will increase; price cannot be determined.

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