Answer in complete sentences. Cite your sources if you do not use your own words. Grading is based on the accuracy and completeness of each answer. Each answer requires a minimum of 8 sentences.
1.) Briefly describe the characteristics and purposes of indifference curves. How are they useful for consumers? How is the income constraint line used?
2.) Briefly describe how economies of scales happens. Why is it an important concept in relation to consumption and production? What conditions lead to diseconomies of scale?
3.) What is utility? What conditions would cause increasing marginal utility, diminishing marginal utility, and absolute diminished utility? How would you maximize your dollars spent per util? Why is utility a valuable concept in understanding microeconomics?
4.) What conditions contribute to increasing marginal productivity, diminishing marginal productivity, and absolute diminished marginal productivity? How would these conditions help you manage a business?
5.) Briefly describe the characteristics and purposes of isoquant curves. How are they useful for producers?
How is a budget constraint line used?
6.) Describe how consumer spending is dictated by the elasticity and inelasticities of products and services.
7.) Briefly describe the market structures of perfect competition, monopolistic competition, oligopoly, monopoly, and monopsony. Provide three common characteristics of each market structure.
8.) How do price controls contribute to shortages and surpluses?
9.) Regarding costs, at what point would you shutdown a firm? At what point is your break even point? If a firm is not breaking even, why would it still stay open?
10.) What is the purpose of the FTC and the SEC? What are some of the virtues of competition? What are the negative consequences of the having no competition in a market?
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