Giffen goods Study guides, Class notes & Summaries
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Microeconomics AS WJEC questions and answers with complete top solutions
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Microeconomics AS WJEC questions and answers with complete top solutions 
What are the four factors of production? 
- Land 
- Labour 
- Capital 
- Entrepreneurship 
 
 
 
What is the 'basic economic problem'? 
- Finite resources, infinite wants 
 
 
 
What is an opportunity cost? 
- The benefit forgone of the next best alternative 
 
 
 
What is meant by free goods and economic goods? 
- Free goods are those of infinite supply (no opportunity cost) 
- Economic goods are those in finite supply ...
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CFA Level 1 Exam 58 Questions with Answers 2023,100% CORRECT
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CFA Level 1 Exam 58 Questions with Answers 2023 
 
 
What are the 4 types of measurement scales? - CORRECT ANSWER 1. Nominal Scales 
2. Ordinal Scales (Assigned to a category) 
3. Interval Scales (Relative ranking) 
4. Ratio Scales (Equal differences between scale values) 
NOIR 
 
When do we use geometric and arithmetic means to analyze investment returns? - CORRECT ANSWER Arithmetic Mean: To estimate next year's return 
Geometric Mean: Measure of past performance 
 
What are the 3 different ty...
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CFA Level 1 Study Guide Exam Questions and Answers
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CFA Level 1 Study Guide Exam Questions and Answers 
 
What is the key assumption of technical analysis? - Answer-Market prices reflect both rational and irrational investor behavior 
 
What are the 4 different types of Oscillators? - Answer-1. Rate of Change Oscillator (100x the difference between the latest closing price and the closing price n periods earlier) 
2. Relative Strength Index (Ratio of total price increases to price decreases) 
3. Moving Average Convergence/Divergence 
4. Stochasti...
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CFA Level 1 Questions with correct Answers 2023
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What are the 4 types of measurement scales? - Answer- 1. Nominal Scales 
2. Ordinal Scales (Assigned to a category) 
3. Interval Scales (Relative ranking) 
4. Ratio Scales (Equal differences between scale values) 
NOIR 
 
When do we use geometric and arithmetic means to analyze investment returns? - Answer- Arithmetic Mean: To estimate next year's return 
Geometric Mean: Measure of past performance 
 
What are the 3 different types of probabilities? - Answer- 1. Empirical Probability (Past data...
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Managerial Economics & Business Strategy Michael Baye 9th Edition- Test Bank
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Managerial Economics & Business Strategy Michael Baye 9th Edition- Test Bank Managerial Economics & Business Strategy Michael Baye 9th Edition- Test BankAssume that the price elasticity of demand is −2 for a certain firm’s product. If the firm raises price, the firm’s managers can expect total revenue to:A price elasticity of zero corresponds to a demand curve that is: A. horizontal. B. downward sloping with a slope always equal to 1. C.vertical. D. either vertical or horizontal.As we ...
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Edexcel A Level Microeconomics 2022|2023 latest updated
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Edexcel A Level Microeconomics 2022|2023 latest updated 
Factors influencing demand for labour 
Demand for final product - if rise in output > increase in productivity 
 
Relative productivity of labour to capital - substitution effect 
£3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage 
 
 
 
Factors influencing supply of labour 
Cost of living 
 
Cost of gaining skills 
UK uni fees capped at £9,250 per year 
 
Number of workers 
UK raises state pension age fro...
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CFA Level 1 Questions And Correct Answer.
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2. Ordinal Scales (Assigned to a category) 
3. Interval Scales (Relative ranking) 
4. Ratio Scales (Equal differences between scale values) 
NOIR 
 
When do we use geometric and arithmetic means to analyze investment returns? - correct answer Arithmetic Mean: To estimate next year's return 
Geometric Mean: Measure of past performance 
 
What are the 3 different types of probabilities? - correct answer 1. Empirical Probability (Past data) 
2. Priori Probability (Formal reasoning) 
3. Subjective ...
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ECS4862 - Advanced Microeconomics_Final_Milestone.
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ECS4862 - Advanced Microeconomics_Final_Milestone. 
Which of the following is true about the field of economics? 
Economics as a field of study was introduced during the Industrial Revolution and has not changed over 
time 
Economics can correctly predict when a recession is coming and how long it will last 
Economics is commonly broken into Labor Economics and Consumer Economics 
Economics is a social science that intersects with other fields of study 
CONCEPT 
What is Economics? 
2 
A real est...
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Test Bank Managerial Economics & Business Strategy 9th Edition by Baye, Prince
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Chapter 2 Sample 
 
MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 
1)	In a competitive market, the market demand is Q d = 60 - 6P and the market supply is Q s = 4P. A price ceiling of $3 will result in a 
	 
	A) shortage of 30 units.	 
	B) shortage of 15 units. 
	C) surplus of 30 units. 
	D) surplus of 12 units. 
	 
 
 
2)	In a competitive market, the market demand is Q d = 60 - 6P and the market supply is Q s = 4P. The...
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Pearson Answers Econ Exam 1 with 100% correct answers 2024
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Should a competitive firm ever produce when it is losing money? Why or why not? - answer-Yes, as long as revenue can cover total variable costs plus any portion of fixed costs. 
 
Suppose a competitive firm has cost, 
C = (0.002q3) + (22q) + 750, 
marginal cost, 
MC = 0.006q2 + 22, 
and revenue, 
R = 80q. 
 
1) If the firm produces 150 units of output then what is true about MR and MC? 
 
2)At this output level (150 units).... 
 
3) The firm's profit maximizing level of output is - answer...