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on 24-Sep-2015 (Thu)

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Flashcard 150918125

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
For a firm in a perfectly competitive market, all units are sold at the same price regardless of quantity, so that average revenue and marginal revenue are both equal to [...].
Answer
the market price of a single unit sold, or AR = MR = price

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For a firm in a perfectly competitive market, all units are sold at the same price regardless of quantity, so that average revenue and marginal revenue are both equal to the market price, or AR = MR = price.

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Annotation 150918221

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
With the assumption of a single price for all units a firm sells, average revenue and price must be equal.
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Flashcard 150918228

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
With the assumption of a single price for all units a firm sells, [...] revenue and price of a single unit must be equal.
Answer
average revenue

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With the assumption of a single price for all units a firm sells, average revenue and price must be equal.

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Flashcard 150918234

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
With the assumption of a single price for all units a firm sells, average revenue and [...] must be equal.
Answer
price

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With the assumption of a single price for all units a firm sells, average revenue and price must be equal.

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Annotation 150918240

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Assuming (for now) that firms charge the same price to all buyers, selling one more unit requires that the price on all units sold must be decreased. It is for this reason that for firms under imperfect competition, marginal revenue is less than price for quantities greater than one.
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Flashcard 150918244

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
Assuming (for now) that firms charge the same price to all buyers, selling one more unit requires that the price on all units sold must be decreased. It is for this reason that for firms under imperfect competition, marginal revenue is [less/more/equal] price for quantities greater than one.
Answer
less than

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firms charge the same price to all buyers, selling one more unit requires that the price on all units sold must be decreased. It is for this reason that for firms under imperfect competition, marginal revenue is <span>less than price for quantities greater than one.<span><body><html>

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Annotation 150918253

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The quantity of output that a firm can produce can be thought of as a function of the amounts of capital and labor employed and represented as Q = j(K,L). Such a function is called a production function.
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Flashcard 150918257

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The quantity of output that a firm can produce can be thought of as a function of the amounts of [...] and labor employed and represented as Q = j(K,L). Such a function is called a production function.
Answer
capital

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The quantity of output that a firm can produce can be thought of as a function of the amounts of capital and labor employed and represented as Q = j(K,L). Such a function is called a production function.

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Flashcard 150918263

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The quantity of output that a firm can produce can be thought of as a function of the amounts of capital and [...] employed and represented as Q = j(K,L). Such a function is called a production function.
Answer
labor

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The quantity of output that a firm can produce can be thought of as a function of the amounts of capital and labor employed and represented as Q = j(K,L). Such a function is called a production function.

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Flashcard 150918269

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The quantity of output that a firm can produce can be thought of as a function of the amounts of capital and labor employed and represented as Q = j(K,L). Such a function is called a [...] function.
Answer
production

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head><head>The quantity of output that a firm can produce can be thought of as a function of the amounts of capital and labor employed and represented as Q = j(K,L). Such a function is called a production function.<html>

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Annotation 150918275

#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
The output with only one worker is considered the marginal product of the first unit of labor. The addition of a second worker will increase total product by the marginal product of the second worker.
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Flashcard 150918279

Tags
#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Question
The output with only one worker is considered the [...] of the first unit of labor. The addition of a second worker will increase total product by the [...] of the second worker.
Answer
marginal product

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The output with only one worker is considered the marginal product of the first unit of labor. The addition of a second worker will increase total product by the marginal product of the second worker.

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