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Describe the production optimum condition

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Reference no: EM132301859

Assignment: 1. True or False (O or X)

1. Opportunity cost is the cost of earning the opportunity.

2. Marginal Cost(MC) and Average Cost(AC) meet at the lowest MC.

3. Economies of Scope decreases production cost by increasing production.

4. Economies of Scale is the case for decreasing Short-Run Average Cost.

5. Profit Function's Independent Variable is the Output.

6. Production Function's Independent Variable is the Output.

7. Cost Function's Independent Variable is the Output.

8. Cost Equation's Independent Variable is the Output.

9. Marginal Revenue is the Price in all cases.

10. Firm's Supply Curve is the average Cost Curve.

11. Consumer Surplus is a surplus vale of buying less than market price.

12. Producer Surplus is a surplus value of selling higher than market price.

13. The firm's demand is the market demand in perfect competition market.

14. The regulation on monopoly is done by government administration.

15. Water supply is not Monopoly.

16. Monopoly Price is the same level where MR meets MC.

17. Monopoly Demand is the Average Revenue.

18. Airline Ticket is the Peak-Load Pricing.

19. Amusement park fees are two-parts tariffs.

20. Electricity is the inter-temporal pricing.

21. Oligopoly quantity is the same level where MR and MC meet.

22. Cartel is oligopoly.

23. Reaction Curve is the producer's production reaction to consumption.

24. Prisoners' dilemma game is a game where both sides have to choose with own best intrests.

25. Monopolistic Competition is where few sellers compete with same output.

26. As Bond Price increases, Bond Yield increases.

27. Principals have more information than agents.

28. Externalities are not good always to market economy.

29. Demand for labor is a derived demand.

2. Summarize

(1) Duality Theory

(2) Production Optimum Condition

(3) Perfectly Competitive Market Conditions

(4) Deadweight Loss

(5) Optimum Price and Quantity in Competition and in Monoploy (Graphs)

(6) Public Policies to Monopoly

(7) Cournot Equilibrium and Collusion Equilibrium

(8) Prisoners' Game

(9) Edgeworth Box for Exchange

(10) Asymmetric information

(11) Externalities

(12) Social welfare function

Reference no: EM132301859

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