Economics Reviewer
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Last updated 10:22 PM on 3/26/23
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24 Terms
1
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0.67
Using the data in Figure 1, percentage change in Qd in D1 equals
2
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0.10
In D2, percentage change in Qd equals
3
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0.2
Using the data in Figure 1, percentage change in Price in D1 and D2 equals
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3.35
Using the data in Figure 1, Price Elasticity of Demand in D1 equals
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0.5
Price Elasticity of Demand in D2 equals
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Inelastic Demand
D2 has a/an
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Elastic Demand
D1 has a/an
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Unit-Elastic
Absolute value of Ed equals 1
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Elastic
Absolute value of Ed is greater than 1
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Perfectly Inelastic
Absolute value of Ed is zero
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Perfectly Elastic
Absolute value of Ed is infinity
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Inelastic
Absolute value of Ed is less than 1
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True
Consumer food items have an Inelastic Demand.
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False
When demand is elastic, an increase in price increases revenue
15
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Production Input
They refer to the resources to be utilized in the production process
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Total Revenue
Price multiplied by Quantity
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Marginal Cost
The additional cost of producing one more unit of a commodity
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Fixed Cost
It does not vary with the level of production
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Costs
It refers to the expenses incurred by the firm
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Variable Cost
It changes with the level of production
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Average Cost
The cost of producing each unit of a commodity
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Break-even
Total Revenue equals Total Cost
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Total Costs
The sum of Fixed and Variable Costs
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Net Loss
Total Costs exceed Total Revenue