San Jacinto College

Topic 6 – Principles of Economics 1 1. For each pair of goods, determine which one would have a relatively more elastic demand curve. Gasoline at your local gas station or gasoline in your city Plain white T – shirt or all clothing Rice or jewelry 2. Cross – price elasticity of demand uses Negative and positive values to determine is good are substitutes or complements 3. ________ elasticity of demand is a measure of how responsive the quantity demanded is to a change in price. Pr...

Topic 2: Principle of Economics 1 1. An intangible product or action that consumers, firms, or governments wish to purchase is a:  Service 2. The demand curve for a normal good is downward sloping because:  As prices rise, the purchasing power of each dollar earned falls, and consumers are willing and able to buy less of a good.  As consumers purchase substitute, the quantity demanded of the good falls.  The benefit of consuming more of a good falls with each additional unit,...

Topic 5: Market Efficiency LearnSmart 1 1. Given the information in the table below, how much consumer surplus is generated for Rob when market price is $100? Marginal Benefit ($) Rob $150 Dennis 125 Marty 100 Becky 75 Bill 50  $50 2. The difference between the maximum price consumers are w

ECONOMICS 2302 Topic 5 Video Topic 5 – Market Efficiency Videos 1

Topic 10 Monopoly Assignment 1 1.Which of the following suppliers is most likely to be a monopolist?A water company 2.Which of the following scenarios best represents the pricing behavior of a monopolist?Our Drugs Inc. produces where its marginal revenue is equal to its marginal costand prices on its downward-sloping demand curve, such that the market for itsproduct clears knowing it will not face competition due to patents it holds on itsproducts. 3.The table below shows the demand and total...

ECONOMICS 2302 opic 8 Production Assignment. well elaborated

ECONOMICS 2302 Topic 8 Production Assignment well answered

Topic 10 Monopoly Assignment 1 1. Which of the following suppliers is most likely to be a monopolist? A water company 2. Which of the following scenarios best represents the pricing behavior of a monopolist? Our Drugs Inc. produces where its marginal revenue is equal to its marginal cost and prices on its downward-sloping demand curve, such that the market for its product clears knowing it will not face competition due to patents it holds on its products. 3. The table below shows the dem...

1. The graphs shows the marginal cost (MC) and the average total cost (ATC) curves for a typical firm competing in the monopolistically competitive market for frozen foods. The long – run equilibrium would occur at an output level of _______ thousand cases and price would be ______ 4/6.5 2. In a monopolistically competitive market, the closer the substitutes are each other, the ________ elastic each firm’s demand curve will be. More 3. Monopolistically competitive markets: Combine c...

Topic 9 Perfect Competition Assignment 1 1. Which of the following markets is most likely to be perfectly competitive?  The market for mushrooms 2. Which of the following markets is most likely to be perfectly competitive?  The market for rock salt 3. What are the likely reason(s) that the market for electricity is not perfectly competitive?  It is difficult to enter or exit the industry as a supplier.  There are few sellers in the market. 4. What are the likely reason(s) tha...