econ 302 exam 2

question

supply and demand

answer

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

answer

two curves cannot cross that violates transitivity
substitutes downward
compliments right angle

question

complements

answer

increase in price decrease supply
increase in income increase demand

question

price consumption curve

answer

Curve tracing the utility-maximizing combinations of two goods as the price of one changes

question

demand curve

answer

a graph of the relationship between the price of a good and the quantity demanded

question

engle curve

answer

curve relating amount of commodity purchased to level of income. determines normal and inferior goods

question

income effect

answer

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

answer

a good for which, other things equal, an increase in income leads to a decrease in demand

question

production function

answer

The relationship between quantity of inputs used to make a good and the quantity of output of that good

question

isoquant

answer

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

answer

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

answer

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

answer

The situation when a firm's long run average costs fall as it increases the quantity of ouptut it produces

question

returns to scale

answer

the rate at which output increases in response to proportional increases in all inputs

1 of 14

question

supply and demand

answer

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

answer

two curves cannot cross that violates transitivity
substitutes downward
compliments right angle

question

complements

answer

increase in price decrease supply
increase in income increase demand

question

price consumption curve

answer

Curve tracing the utility-maximizing combinations of two goods as the price of one changes

question

demand curve

answer

a graph of the relationship between the price of a good and the quantity demanded

question

engle curve

answer

curve relating amount of commodity purchased to level of income. determines normal and inferior goods

question

income effect

answer

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

answer

a good for which, other things equal, an increase in income leads to a decrease in demand

question

production function

answer

The relationship between quantity of inputs used to make a good and the quantity of output of that good

question

isoquant

answer

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

answer

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

answer

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

answer

The situation when a firm's long run average costs fall as it increases the quantity of ouptut it produces

question

returns to scale

answer

the rate at which output increases in response to proportional increases in all inputs

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econ 302 exam 2

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