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Summary Microeconomics I Economics and Business Economics VU University, ISBN: 9781319153960 Microeconomics I (E_EBE1_MICEC) $6.65   Add to cart

Summary

Summary Microeconomics I Economics and Business Economics VU University, ISBN: 9781319153960 Microeconomics I (E_EBE1_MICEC)

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Comprehensive summary of Microeconomics I, a first year course of Economics and Business Economics at the VU.

Last document update: 3 year ago

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  • December 12, 2020
  • December 13, 2020
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Available practice questions

Flashcards 31 Flashcards
$3.32 1 sales

Some examples from this set of practice questions

1.

What are the properties of an indifference curve?

Answer: 1. Downward sloping 2. Never cross 3. The further away from the origin, the higher the utility 4. Every bundle belongs to an indifference curve

2.

What does Microeconomics study?

Answer: 1. The behaviour of individuals and firms 2. Market structures and price settings

3.

What is a Nash Equilibrium?

Answer: A combination of strategies is a Nash Equilibrium if each strategy is a best response to the strategies of the others

4.

What does the Herfindahl-Hirschman Index (HHI) measure?

Answer: It measures the market concentration to determine the degree of competition.

5.

What are \'sunk costs\'?

Answer: Money that has already been spent and which cannot be recovered

6.

What does the Lerner Index measure?

Answer: Market power

7.

What is \'price discrimination\'?

Answer: A selling strategy that charges customers different prices for the same product or service based on what the seller thinks they can get the customer to agree to.

8.

When is welfare maximised in a Monopoly?

Answer: P = MC

9.

What is the government surplus?

Answer: The amount a government receives from taxes minus the amount the government spends on subsidies

10.

What is the calculation for economic profit?

Answer: Economic profit = revenue - economic costs

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