Elasticity
Costs of Production
Type of Goods
This and That
Movies
100
If a good is this, it means demand isn't greatly influenced by price change.
What is inelastic?
100
This is the change in output from hiring one more worker.
What is the marginal product of labor?
100
Two goods that are bought and used together.
What are complements?
100
This is the statistical characteristics of populations such as age, race, gender, etc.
What are demographics?
100
This is the crabs name in the Little Mermaid.
What is Sebastian?
200
Demand whose elasticity is exactly equal to one.
What is unitary elastic?
200
These are the two categories of costs that producers must account for.
What is fixed and variable?
200
Goods that are used in place of one another.
What is a substitute?
200
Price X Quantity Demanded=
What is total revenue?
200
This is what they call the invisible force that binds the universe together in Star Wars.
What is the force?
300
The more substitutes of a good there is, the more __________ the good is.
Elastic
300
This is the additional income from selling one more unit of a good.
Marginal Revenue.
300
Good that you would buy in smaller quantities or not at all if income were to rise.
What are inferior goods?
300
This is how much of a good a producer is willing & able to sell at a specific price.
What is quantity supplied?
300
This is the common greeting used in Black Panther.
What is Wakanda Forever?
400
This is the key factor in the elasticity of supply.
What is time?
400
Fixed cost + Variable Cost=
What is total cost?
400
Goods that consumers demand more of when income increases.
What are normal goods?
400
If a firm shuts down, they are still responsible for paying these.
What are Fixed costs?
400
This famous horror film describes the Haunting of the Lutz family in the famous house located at 112 Ocean Avenue in Long Island, NY.
What is the Amytiville Horror?
500
If the price goes up of a good and the quantity demanded goes down, what happens to revenue?
Revenue will decrease.
500
Electricity, hourly employees, and raw materials are all what type of cost.
What is variable cost?
500
Macaroni and cheese, generic cereals, and used cars are all examples of what type of goods.
What are inferior goods?
500
This is the key factor to a firm's location.
What is transportation?
500
This is the name of the kingdom where the 2013 animated movie Frozen is set.
Where is Arendelle?