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Can anyone help me with Economics?

davidhurn Avatar
banned7y, 7m agoPosted 7 years, 7 months ago
1. If demand for oranges is unitarily elastic, the price elasticity of demand for oranges is?
a. 0
b. -1
c. 1
d. -100

I think its either 0 or 1. Couldn't tell you why though.


2. Where managers are limited in their ability to absorb and process information, and think in ways strongly influence by their personal experiences business economists term this:

a. burnout
b. bounded rationality
c. asymmetric information
d. the principal- agent problem
e. the fallacy of competition


3. Opportunity costs are defined as:

a. explicit and implicit costs
b. marginal cost
c. what it costs for a firm to produce a good or service
d. what is costs society as a whole to produce a good or service.

Has to be a or c.



4. If firms follow the prices of a firm that is thought to be typical of the industry, this is called:

a. a cartel
b. barometric price leadership
c. tacit collusion
d. strategic dominance



5. The cost of one additional unit of capital is called:

a. marginal cost of capital
b. rate of discount
c. internal rate of return
d. marginal efficiency capital



Rep give to all helpers.
davidhurn Avatar
banned7y, 7m agoPosted 7 years, 7 months ago
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(15) Jump to unreadPost a comment
Comments/page:
#1
think 5 is A
banned#2
shosie
think 5 is A


Just defined marginal cost and you are right. It is A.
banned#3
4. If firms follow the prices of a firm that is thought to be typical of the industry, this is called:

a. a cartel
b. barometric price leadership
c. tacit collusion
d. strategic dominance

http://www.brainmass.com/homework-help/economics/other/156074
#4
davidhurn
Just defined marginal cost and you are right. It is A.


yes i dont even do ecnomics :thumbsup:
#5
3 = C, opportunity cost is when you make a decision between 2 things, the opportunity cost is the thing you have turned down.

E.g. You go in to a shop with £1, you can either buy a drink OR a bag of crisps. If you choose the crisps then the opportunity cost of that decision is a drink.

Although it says cost it is not talking monetary cost

[COLOR="Red"]
Oh, and can I just say you have made me feel really depressed! Lol, I did A Level economics and should know the answers to all of them straight away! To be fair though, I did teach myself at home and still passed![/COLOR]
#6
Ask dean3988, he's an economics whizz:

http://www.hotukdeals.com/item/358270/i-don-t-get-it/
banned#7
bykergrove
4. If firms follow the prices of a firm that is thought to be typical of the industry, this is called:

a. a cartel
b. barometric price leadership
c. tacit collusion
d. strategic dominance

http://www.brainmass.com/homework-help/economics/other/156074


Thanks for that.
banned#8
shosie
yes i dont even do ecnomics :thumbsup:


Well done and thanks,
banned#9
kelly_o_fanatic
3 = C, opportunity cost is when you make a decision between 2 things, the opportunity cost is the thing you have turned down.

E.g. You go in to a shop with £1, you can either buy a drink OR a bag of crisps. If you choose the crisps then the opportunity cost of that decision is a drink.

Although it says cost it is not talking monetary cost

[COLOR="Red"]
Oh, and can I just say you have made me feel really depressed! Lol, I did A Level economics and should know the answers to all of them straight away! To be fair though, I did teach myself at home and still passed![/COLOR]



Cheers, knew it was either a or c.
banned#10
thesaint
Ask dean3988, he's an economics whizz:

http://www.hotukdeals.com/item/358270/i-don-t-get-it/


Very helpful :w00t:
banned#11
2 is bounded rationality if anyone's interested.
#12
Q1- The answer is 1 or -1

If the relationship is inverse it is negative.

Opportunity Cost has always been defined for me as 'the next best alternative foregone'

Im sudying AS level.

Rest have been answered I think.:thumbsup:
#13
amzmalhotra
Q1- The answer is 1 or -1

If the relationship is inverse it is negative.

Opportunity Cost has always been defined for me as 'the next best alternative foregone'

Im sudying AS level.

Rest have been answered I think.:thumbsup:


I thought it was -1, but OP said 0 or 1
#14
To let you know PED = % change in demand / % change in price.

If something is elastic, it means that it responds with a PED of more than 1.
Inelastic is less than 1.
Unit elastic is 1

EDIT: Also Note that you can ad a minus sign in front of the above.

But also note that only PED allows the above to be true for negative readings.

Negative readingd mean different things for XED, YED and PES
#15
Unit elasticity = demand changes by the same % as price = -1

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