Micro 1
What type of demand do you have when the elasticity coefficient is exactly one?
Unitary elasticity
If marginal cost is below average variable cost, then what else is known about average variable cost?
AVC must be declining
What happens to output when a firm moves along an isoquant substituting capital for labor?
Output remains unchanged
What is the simplest functional form?
Linear.
A type of regression analysis that is short for logistic probability unit is called:
logit model
An estimation described as BLUE means it is the _____.
Best Linear Unbiased Estimator
What is the test weight of corn?
56 lbs
As price decreases, the quantity demanded increases. What economic principle does this represent?
Law of Demand
Extensive form is another name for what graphical representation in game theory?
a game tree
If one person, firm, or country can produce more of something with the same amount of effort and resources, what do they have over other producers?
an absolute advantage
Other than continuous what form can statistical data take?
Discrete
What type of line has a zero slope?
Horiztonal
For the following set of values, what is the median?
5, 8, 10, 14, 19
10
Which U.S. state produces the most pumpkins?
Illinois
Over the relevant range of output, what can be said about the long run average cost curve of a "natural" monopoly?
it is decreasing
How do we refer to the area above the supply curve and below the price?
Producer surplus
Opportunity costs is defined as the _________ to a resource in its next best alternative use.
return or value
What do we call a variable that can only have integer values?
A discrete variable
What do we call a variable that can only have integer values?
Level of signnificance
What's the value of the mean of a standard normal distribution?
0
What is the chemical compound that makes leaves appear red in the fall?
Anthocyanins
Slopes of isoquants represent the Marginal Rate of _____.
Input substitution
How are individual demand curves for a commodity summed to derive the market demand curve?
Horizontally
The idea that supply creates its own demand is known as?
Say's Law
What is the most widely used algebraic procedure for solving LP problems?
Simplex method
Buying a commodity in one market and then selling the commodity in another market with a higher price is an example of:
arbtirage
What is equal to zero at the local maximum or minimum of a function?
The First Derivative
What is the most visited U.S. national park in the fall
Great Smoky Mountains National Park
A football pool has an expected payout of $100, and the probability of winning is 0.01. A risk neutral person would pay how much for a spot in the pool?
If the quantity demanded increases by 30% in response to a 15% reduction in price, what is the elasticity of demand?
(negative) two
What is the shape of the long-run supply curve for a constant-cost industry, or an industry that can expand without causing an increase in input prices?
horizontal or flat
How is the median calculated if there are 10 observations for a variable?
Taking the average of the 5th and 6th values when the observations are in ascending or descending order.
In regression analysis, the sum of the residuals should equal to ____________?
Zero
What type of statistical tests are independent of population distributions and associated parameters?
nonparametric tests
Is Dixieland Delight a song about Alabama or Tennessee?