Econ I Quiz T1

The budget set with a food stamp or equivalent cash transfer, which one is larger?

What is the formula for price elasticity of demand?

Given u(x, y)=ax+by, what is the MRS between x and y?

Which of the following has the least social welfare loss?

If there is an increase in price, supply will increase- this is shown in the supply curve by

Given MC curve: p=Q/2, the market demand: p=24-Q, what is the monopolist's profit maximizing p?

What is the general profit maximizing condition for a firm?

Given Q_d=286-20p, Q_S=88+40p, what is the equilibrium Q if Govt sets a price ceiling p=3.50?

If domestic and foreign supplies are Q_D=-100+20p, Q_F=-200+40p, what is the free trade supply?

Given the production function q= 20K^0.79L^0.16, what returns to scale does it exhibit?

What types of statements should be used in economic models?

If income elasticity is 0.5, what type of commodity is this?

In a demand function D(p, p_c, Y), if ∂D/∂p_c<0, then the two commodities are