ECO332
Question: Variables whose values are determined within the model are called
Answer: endogenous variables
Question: When output is zero, variable costs will be
Answer: zero
Question: P(sk/x) stands for probability
Answer: Posterior
Question: Which of the given options is not one of the three major contributions of economic theory to business economics
Answer: Building of markets
Question: Find the own-price elasticity if at â,j 400 per bottle of perfume Darell sold 50 bottles, and at â,|600 a bottle he sold 40 bottles
Answer: 0.4
Question: Economie rent is the excess of earning from investment over and above the expected
Answer: profit
Question: Goods demanded in increasing quantities as consumer’s income rises are called goods
Answer: normal
Question: Demand for land, fertilizers and agricultural tools, is a demand
Answer: derived
Question: While the short-run cost curves are extremely helpful in the determination of the least-cost-output level, the Long-run cost curves, on the other hand, can be used to show how a firm can decide on the
Answer: optimum size of the firm
Question: In a demand function, the dependent variable is the
Answer: demand for a product
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