econ 302 exam 2 - Custom Scholars
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# econ 302 exam 2

question
supply and demand
if both shift left quantity will always be lower but if supply has a larger affect price will be high if demand does price will be lower
question
indifference curve
two curves cannot cross that violates transitivity
substitutes downward
compliments right angle
question
complements
increase in price decrease supply
increase in income increase demand
question
price consumption curve
Curve tracing the utility-maximizing combinations of two goods as the price of one changes
question
demand curve
a graph of the relationship between the price of a good and the quantity demanded
question
engle curve
curve relating amount of commodity purchased to level of income. determines normal and inferior goods
question
income effect
a change in the quantity demanded of a product that results from the change in real income (purchasing power) caused by a change in the product's price.
question
inferior good
a good for which, other things equal, an increase in income leads to a decrease in demand
question
production function
The relationship between quantity of inputs used to make a good and the quantity of output of that good
question
isoquant
A curve that shows all the combinations of two inputs, such as capital and labor, that will produce the same level of output
question
isocost
every combination of inputs that generate the same costs.(same thing as budget constraint) formula: Total expenditures=p1x1+p2+x2
question
marginal rate of technical substitution
the slope of an isoquant, or the rate at which a firm is able to substitute one input for another while keeping the level of output constant
question
economis of scale
The situation when a firm's long run average costs fall as it increases the quantity of ouptut it produces
question
returns to scale
the rate at which output increases in response to proportional increases in all inputs
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question
supply and demand
if both shift left quantity will always be lower but if supply has a larger affect price will be high if demand does price will be lower
question
indifference curve
two curves cannot cross that violates transitivity
substitutes downward
compliments right angle
question
complements
increase in price decrease supply
increase in income increase demand
question
price consumption curve
Curve tracing the utility-maximizing combinations of two goods as the price of one changes
question
demand curve
a graph of the relationship between the price of a good and the quantity demanded
question
engle curve
curve relating amount of commodity purchased to level of income. determines normal and inferior goods
question
income effect
a change in the quantity demanded of a product that results from the change in real income (purchasing power) caused by a change in the product's price.
question
inferior good
a good for which, other things equal, an increase in income leads to a decrease in demand
question
production function
The relationship between quantity of inputs used to make a good and the quantity of output of that good
question
isoquant
A curve that shows all the combinations of two inputs, such as capital and labor, that will produce the same level of output
question
isocost
every combination of inputs that generate the same costs.(same thing as budget constraint) formula: Total expenditures=p1x1+p2+x2
question
marginal rate of technical substitution
the slope of an isoquant, or the rate at which a firm is able to substitute one input for another while keeping the level of output constant
question
economis of scale
The situation when a firm's long run average costs fall as it increases the quantity of ouptut it produces
question
returns to scale
the rate at which output increases in response to proportional increases in all inputs

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