chapter 6 | chapter 10 | chapter 11 | yellowstone | |
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what is an inferior good
when income of demand is negative
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budget constraint
the limited amount of income available to consumers to spend on goods and services
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technology
the process a firm uses to turn inputs into outputs of good and services
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revenue
Price x Quantity or $40 x # of Dogs
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teeter
Who makes a chili out of 'sum bits' (ALL the bits from the cow) that doesn't go down particularly well in season 4, episode 4?
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500 million
How much was John offered for the ranch by Market Equities?
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income effect
the change in consumption that results when a price increase causes real income to decline
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his father
Who did John make a promise to that he would never sell the ranch?
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marginal product of labor
the additional output a firm produces as a result of hiring one more worker
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season 4 episode 10
when did RIP and Beth get married (episode)?
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Elasticity
A measure of how much one economic variable responds to changes in another economic variable.
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Harvey weinstein
Whose name was removed from the credits before the show premiered?
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total cost
The total expense incurred by a firm in producing and marketing a product. ____ ____ is the sum of fixed cost and variable cost.
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law of diminishing returns
the principle that, at some point, adding more of a variable input, such as labor, to the same amount of a fixed input, such as capital, will cause the marginal product of the variable input to decline
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colon cancer
John Dutton was diagnosed with .......... cancer?
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cross-price elasticity of demand
% change in quantity demanded / % change in price of a related good
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marginal
the change in total utility a person receives from consuming one additional unit
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explicit cost
costs that require a firm to spend money
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microeconomics
worst class ever
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navy seal
What military service Kayce served ?
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perfectly inelastic
quantity does not respond at all to changes in price (E=0)
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substitution effect
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
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implicit costs
non monetary opportunity costs
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perfectly competitive market
A market that meets the conditions of (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market.
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jimmmmmmy
Which character is told by their boss that they 'hope the good Lord gave you a big d*** because he sure shorted you on brains
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