Principles of Microeconomics Instructor: Sandhya Patlolla 1. The below table gives the demand and supply schedules for cat food. a) The equilibrium price will be _______________ b) The equilibrium quantity will be___________________ c) If the price is $3.00 per pound of cat food‚ will there be a shortage‚ a surplus? _________________ d) How much is the shortage or surplus equal to _____________________ e) Will the price stay at $3.00 for the long time? Why? f) If the price
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m ID: Ite 9 663 Item ID: 6639 Given name: Family name: Student number: Signature: 76 29 D rI eUNIVERSITY OF TORONTO ad lo Faculty of Arts and Science n ow D ID: 6639 ECO206Y1Y (Microeconomic Theory) Instructor: Victor Couture and Rebecca Lindstrom Item Final Examination August 2011 9 Duration: 180 minutes (3 hours) 63 6 D mI Examinations Aids: te Non-Programmable Calculators I This examination paper consists of 16 pages and 8 questions
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Virtual Bank of Biz/ed Economics bankMonetary PolicyMarketsMoneyEurope Markets - Money markets Further work - Redistribution effects of interest rate changes Higher interest rates‚ other things being equal‚ lead to a reduction in consumer spending and lower interest rates tend to encourage it. However‚ this is not true for all individuals. For example‚ a person living off income from savings deposits would receive a larger money income if interest rates were higher than if they were
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leads to an increase in total revenue‚ then: Choose one answer. | C. the demand curve must be price inelastic. | | Question 4 If a consumer purchases a combination of commodities X and Y such that MUx/Px = 20 and MUy/Py = 10‚ to maximize utility‚ the consumer should buy: Choose one answer. | D. more of X and less of Y. | | Question 5 Consumers who maximize utility are said to be: Choose one answer. | D. rational. | | Question 6 The absolute value of the price elasticity
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Opportunity cost The true cost of something is what you give up to get it.(This includes not only the money spent in buying (or doing) the something‚ but also the economic benefits (UTILITY) that you did without because you bought (or did) that particular something and thus can no longer buy (or do) something else.) Factors of production The ingredients of economic activity: land‚ labor‚ capital and enterprise. Economic Development The scope of economic development includes the process and
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Online modes of shopping”. This topic was chosen because there have been recent debates of whether the E-Commerce will soon replace the traditional modes of shopping or not. This study was conducted with the main objective of finding out what the consumers actually prefer when it comes to shopping. The study was conducted in Bangalore itself taking a sample population of 50 people and with varied age groups ranging from 18 to 45. From analyzing the various benefits‚ advantages and shortcomings of the
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1) Running regression analysis on data for 24 cities‚ Excel Data Analysis output is Regression Statistics Multiple R 0.9693 R Square 0.9396 Adjusted R Square 0.9306 Standard Error 188.2038 Observations 24 ANOVA df SS MS F Significance F Regression 3 11022960 3674320 103.73 2.3E-12 Residual 20 708414 35420.68 Total 23 11731374 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 2308.5 219.9996
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to well being which economists call utility. When it comes to the purchasing of goods or services it is explained that the bulk of what a consumer will buy or consume is their sense of total utility. This is associated with the supply and demand chain of TCO #3 and how the economic system evolves in TCO #1. We must first look at the choices that consumers make that reflect demand curves. When economists look at this issue they are looking at supply and demand‚ they have developed models in which
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CHAPTER - 1 INTRODUCTION 1.1 INTRODUCTION This project report is prepared for the submission to the RUNGTA COLLEGE OF ENGINEERING‚ BHILAI. This project is done for “ A STUDY ON CONSUMER PERCEPTION TOWARDS PEPSI IN DURG & BHILAI”. It was based on the theoretical and practical knowledge gained by the survey. The Cold drink industry has entered in a booming stage and is now available everywhere. Proper strategy should be formulated
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is to note that if quantities of both goods doubled‚ the MRS would not stay the same and hence would not equal the price ratio‚ which has stayed constant. PROBLEM 3 3. With some services‚ e.g.‚ checking accounts‚ phone service‚ or pay TV‚ a consumer is offered a choice of two or more payment plans. One can either pay a high entry fee and get a low price per unit of service or pay a low entry fee and a high price per unit of service. Suppose you have an income of $100. There are two plans. Plan
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