Basic Microeconomics.

Topics Included can be :

Module 1: Introduction to Microeconomics Definition, Principles, and Division of Economics Positive vs. Normative Economics Fundamental economic problems Thinking like an economist Production Possibility Frontier Type of Economic Systems Module 2: Markets and Welfare The market forces of supply and demand Elasticity and its applications Market Equilibrium > Supply, Demand, and Government Policies Government Intervention in the Market and Welfare effects. Consumers, Producers, and the Efficiency of Markets Module 3: Consumer and Firms' Behavior The theory of Consumer Choice Indifference curves and budget line Total and Marginal Utility Utility Maximization The theory of Production Cost of Production Various Measures of Costs Costs in the short-run and long-run12:25 PM | 8.3KBI's EL '0 i docsgooglecom/fo @ Suppose that the price elasticity * 2 points of demand for cheeseburger has been estimated at -2. if quantity demanded increased by 10 percent, price must have changed by O 10 percent lower 6) 5 percent lower 0 cannot be determined from the given information Q 10 percent higher 0 5 percent higher The are elasticity formula is used * 2 points to estimate elasticity when 0 none of the choices 0 the product is though to be inelastic the product is though to be elastic O the are two observations of price and quantity n O the demand function is known I 1 12:25 PM | OEKBI'S EL The government subsidizes an * 2 points advanced technology to the agricultural sector. Suppose that rice has an inelastic demand, what do you think will be the effect of these disturbances to the market price and equilibrium quantity of rice? 0 Market price decreases and equilibrium quantity increases Market price increases and equilibrium quantity decreases quantity increases Market price constant and equilibrium Market price constant and equilibrium 0 quantity decreases If a good's income-elasticity-of * 2 points demand estimate is equal -0.50, an economist would call the good a complementary one 0 {131 an economist would call the good a luxury 0 2.46. an economist would call the good necessny O {1.50. an economist would call the good u an inferior one I 1 12:26 PM | 0.3KBr's Zr '0 i docsgooglecom/fo @ Suppose the agricultural workers * 2 points demanded to increase their wages. What do you think will be the effect on the market price and equilibrium quantity of agricultural products when the labor policymakers approved the increase of minimum wage? (9 Market price increases and equilibrium quantity decreases Market price decreases and equilibrium quantity increases quantity decreases Market price increases and equilibrium 0 Market price decreases and equilibrium 0 quantity increases Suppose that the price of * 2 points gasoline increases from P900 to PLOOO. While the quantity of tempura decreases by 50%. Which of the following conclusions is the most appropriate in this situation? I 1 12:26 PM | 0.1KBr's EL 0 Market price decreases and equilibrium quantity decreases 0 Market price increases and equilibrium quantity increases Suppose that the price of * 2 points gasoline increases from P900 to PLDOO. While the quantity of tempura decreases by 50%. Which of the following conclusions is the most appropriate in this situation? The cross price elasticity is +4.5. 0 Therefore, the two goods are substitutes. The cross price elasticity is +4.5- 0 Therefore, the two goods are complements. The cross price elasticity is 4.5. 0 Therefore, the two goods are substitutes. The cross price elasticity is -4.5. (9 Therefore, the two goods are complements. Which of the following is true * 2 points B when the price of both goods (education and sports car) I 1 12:26 PM | 0.1KBr's Zr e cross price e astrorty IS . . 6) Therefore, the two goods are complements. Which of the following is true * 2 points when the price of both goods (education and sports car) increases? total expenditure for education 0 decreases, while total revenue for sports car decreases total expenditure for education 0 decreases, while total revenue for sports car increases total expenditure for education 0 increases, while total revenue for sports car decreases total expenditure for education 6) increases, while total revenue for sports car increases Page4of8 Back Next Clear form Never submit passwords through Google Forms. This form was created inside of Mindanao State University ~ lligan Institute of Technology. Eport Abuse Google Forms I 1