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Suppose X and Y are substitutes and are both normal goods. Assume X in on the horizontal axis and Y is on the vertical axis, If the price of X increases, which of the following will NOT happens?
-The slope of the income offer curve will become flatter
-The slope of the income offer curve will become steeper
-The Engel Curve for X will become steeper/"shift" to the left
-The Engel Curve for Y will become flatter/"shift" to the right
An industry has 50 identical firms. These firms have the same production function, which is Y=3x1+x2. Each firm has $0 fixed cost. The cost of factor 1 is $4 and the cost of factor $2 is $1. Both factors are variable. If the firm acts optimally (aka cost minimized), The total production cost for the industry if each firm produces 15 units is:
-750
-1000
-3750
-Not enough information to determine
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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