ch 4 and 5 eco Word Scramble
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Question | Answer |
How does the law of demand work? | iphone comes out price is high some buyers. But some people will wait because they know the price is gonna come down |
3 boxes how individual demand for product plays out in market | individual demand a + individual demand b = market demand |
Give an example of marginal utility eventually reaches diminishing marginal utility | keep adding and no more satisfaction.ex hashbrowns |
Give an example of two compliments | Personal computer and software |
Give an example of a substitute | splenda and sugar |
Consumer will likely buy table salt no matter the price because of the need this is________ | inelastic |
What are the 3 questions economists ask when determining the product’s elasticity | can it be delayed, does it take up a large portion of income, if there is a substitute. |
The law of supply of state that people will try and sell more at ___ than at ____. | High…. Low |
Definition of supply schedule | listing of the various quantities of a particular product supplied at all possible prices in the market |
All normal supply curves slope from the ___ to the ____. | Lower left to upper right |
___ is measured in the way of which quantities supply responds to change in price | supply elasticity |
3 stages of production | increasing returns, diminishing returns, negative returns |
Example of a business with low fixed cost | online business |
Formula to figure of total cost | total cost = sum of fixed and variable costs |
Formula for total revenue | number of units sold x price per unit |
Example of how law of demand works | price goes up demand goes down- price goes down demand goes up |
Created by:
hwheel
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