Podcast
Questions and Answers
At what level of labour input do diminishing marginal returns set in?
At what level of labour input do diminishing marginal returns set in?
Which of the following levels of labour reflect increasing marginal returns?
Which of the following levels of labour reflect increasing marginal returns?
What is the average product of labour when 4 units of labour are employed?
What is the average product of labour when 4 units of labour are employed?
In the context of the total cost table, which indicates the average variable cost when 6 workers are employed?
In the context of the total cost table, which indicates the average variable cost when 6 workers are employed?
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Why does the marginal cost (MC) curve slope upwards as output increases?
Why does the marginal cost (MC) curve slope upwards as output increases?
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What is required for students in the Section A of the exam?
What is required for students in the Section A of the exam?
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How many questions from Section B must students choose to answer?
How many questions from Section B must students choose to answer?
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Which option correctly describes the total surplus in a market?
Which option correctly describes the total surplus in a market?
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What type of costs encompass opportunity costs of production?
What type of costs encompass opportunity costs of production?
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What is the role of internal and external examiners in the examination process?
What is the role of internal and external examiners in the examination process?
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What is indicated about the multiple-choice questions in Section A?
What is indicated about the multiple-choice questions in Section A?
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What type of graph paper is specified in the examination requirements?
What type of graph paper is specified in the examination requirements?
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Which principle of economics is most related to consumer choice?
Which principle of economics is most related to consumer choice?
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What sign is expected for the coefficient of the cross-price elasticity of demand for Walkers crisps and Tayto crisps?
What sign is expected for the coefficient of the cross-price elasticity of demand for Walkers crisps and Tayto crisps?
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What would be the total utility for a combination of 4 magazines and 2 CDs for Jim?
What would be the total utility for a combination of 4 magazines and 2 CDs for Jim?
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If Jim buys 6 magazines, what is the marginal utility gained from this purchase?
If Jim buys 6 magazines, what is the marginal utility gained from this purchase?
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Which scenario best exemplifies the law of diminishing marginal utility?
Which scenario best exemplifies the law of diminishing marginal utility?
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Given the budget constraint of €200, which combination of magazines and CDs maximizes Jim's utility?
Given the budget constraint of €200, which combination of magazines and CDs maximizes Jim's utility?
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What type of good is represented by an L-shaped indifference curve?
What type of good is represented by an L-shaped indifference curve?
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If Jim's income increases to €250, how will it affect his consumption of normal goods?
If Jim's income increases to €250, how will it affect his consumption of normal goods?
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When Jim must buy magazines two at a time, how does this affect his consumer choices?
When Jim must buy magazines two at a time, how does this affect his consumer choices?
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How is an individual's demand curve for a good derived?
How is an individual's demand curve for a good derived?
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What happens to the equilibrium price and quantity when the number of olive producers increases?
What happens to the equilibrium price and quantity when the number of olive producers increases?
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If the price of higher education falls, what is likely to happen?
If the price of higher education falls, what is likely to happen?
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If the demand curve for mobile phones is QD = 750 - 10P, what would be the new equilibrium quantity when the demand shifts?
If the demand curve for mobile phones is QD = 750 - 10P, what would be the new equilibrium quantity when the demand shifts?
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What will happen to a consumer's budget line if their income doubles and the prices of goods also double?
What will happen to a consumer's budget line if their income doubles and the prices of goods also double?
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Which of the following best defines a normal good?
Which of the following best defines a normal good?
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Which pair of goods is likely to cause the smallest substitution effect if their relative prices change?
Which pair of goods is likely to cause the smallest substitution effect if their relative prices change?
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What best describes a cost that has already been committed and cannot be recovered?
What best describes a cost that has already been committed and cannot be recovered?
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When a decrease in price results in a greater percentage increase in quantity demanded, the demand is said to be:
When a decrease in price results in a greater percentage increase in quantity demanded, the demand is said to be:
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What is the equilibrium price when the demand equation is Qd = 500 - 10P and the supply equation is Qs = -100 + 10P?
What is the equilibrium price when the demand equation is Qd = 500 - 10P and the supply equation is Qs = -100 + 10P?
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If the price of weekend breaks in Disneyworld Florida increases from €2,000 to €2,400 resulting in a decrease in visitors from 10,000 to 7,000, what is the price elasticity of demand for this service?
If the price of weekend breaks in Disneyworld Florida increases from €2,000 to €2,400 resulting in a decrease in visitors from 10,000 to 7,000, what is the price elasticity of demand for this service?
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In the scenario where Jim's income increases from €3,000 to €5,000 and his burger consumption increases from 4 to 8, how is the income elasticity of demand classified?
In the scenario where Jim's income increases from €3,000 to €5,000 and his burger consumption increases from 4 to 8, how is the income elasticity of demand classified?
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Which of the following scenarios involves a negative income effect?
Which of the following scenarios involves a negative income effect?
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If a consumer observes higher utility from purchasing less of a normal good as its price increases, this suggests what kind of effect?
If a consumer observes higher utility from purchasing less of a normal good as its price increases, this suggests what kind of effect?
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If a businessperson wishes to increase revenue and knows the price elasticity of demand for their product is 1.25, what should they do?
If a businessperson wishes to increase revenue and knows the price elasticity of demand for their product is 1.25, what should they do?
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Which of the following does not classify as a determinant of price elasticity of demand?
Which of the following does not classify as a determinant of price elasticity of demand?
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What does the consumer's optimal choice occur at when considering two goods, X and Y, subject to a budget constraint?
What does the consumer's optimal choice occur at when considering two goods, X and Y, subject to a budget constraint?
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If the price of a product is set at $132, which formula should be used to calculate the total consumer surplus based on the willingness to pay from different buyers?
If the price of a product is set at $132, which formula should be used to calculate the total consumer surplus based on the willingness to pay from different buyers?
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Which statement best describes the profit-maximizing rule for a firm?
Which statement best describes the profit-maximizing rule for a firm?
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How is the marginal product of labor calculated when moving from one worker to two workers in the given data?
How is the marginal product of labor calculated when moving from one worker to two workers in the given data?
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What effect describes the change in consumption that results solely from a price change along a given indifference curve?
What effect describes the change in consumption that results solely from a price change along a given indifference curve?
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If a consumer's income increases and they reduce their quantity demanded of a good, what type of good is this considered?
If a consumer's income increases and they reduce their quantity demanded of a good, what type of good is this considered?
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Which point on the budget constraint graph represents the highest utility for a consumer?
Which point on the budget constraint graph represents the highest utility for a consumer?
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When examining willingness to pay, what does the total consumer surplus represent?
When examining willingness to pay, what does the total consumer surplus represent?
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