Microeconomics 1 Test
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| A. Both cases place a wedge between the price tha buyer buy and seller sell, the only difference is who pays the govermentB. 1. Completeness
2.Transitivity
3. Monotonicity
4.ConvexityC. Depending on expectations, future changes in income, future change in price of the good, future complement/substitute going out, future change in number of consumers, will shift the curve right or left depending on the scenario.D. Substitutes: If the price of butter increases, the demand of margarine increases.
Complements: If the price of petrol icreases, the demand of cars decreasesE. The difference between the amount he sells a product minus the production costF. When Price Elasticity of Demand=1, or when unit elasticity (same thing)G. 1. Price
2. Technology
3. Input prices (cost of production)
4. Prices of related goods (substitutes/complements)
5. Nº of producers
6. Expectations
7. Other (industry specific) factorsH. The price "per se" of a goodI. If Py increases, (m/Py) v and (-Px/Py) the same.
If Py decreases, (m/Py) and (-Px/Py) ^
If Px increases, (m/Px) and (-Px/Py) v
If Px decreases, (m/Px) and (-Px/Py) ^J. For example weather for agriculture, if the weather isn't favorable the production wil decrease, thus the curve shifts leftK. Lower, graphically the further away in X axis the less of good Y I have and the less of a good I have the less I'm willing to give up.L. If a producer thinks price is going to go up, they will reduce the production today in order to make more benefit increasing the production when thr goods price increase. ViceversaM. In the x/y plane, represents a set of bundles that give the indicidual the same level of satisfaction. So if Bundles A and B are in the same IC then A~BN. Measures how Q of a good changes when ther price of another good changesO. A change in Q smaller than 1% when price changes 1%.
Elasticity<1.P. The quantity of a good I'm willing to sell for all pricesQ. Supply slope is always positiveR. It is a curve with income over quantity, it is positiveS. An increase of income shifts the curve to the right, same price more buyers. A decrease of income shifts the curve left, same price less buyersT. The demand curve shifts left. Sellers recieve less money and sell less. |
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