Recent content by icecoffee

I got d for 10? Since MC is the derivative of TC --> MC = 1 + 2q, so if q=2, then MC=5 VC = q + q^2, so VC = 3 correct me if i'm wrong...

Hello hello I got c for as well. But b for 20? I guessed e for 19 but i'm not sure. Atm, am mainly stuck on: 2, 4, 12, 16 and 18. Ideas?

Congrats! Keep in mind that one of the questions need to be corrected since it was marked wrong. The one about comparative advantage in cooking/cleaning. YAY for extra marks! :)

oops late reply... umm pretty much finished i suppose, not totally confident but oh well.. you?

i got b for 15 as well.

i got what you guys got for 7 and 18. did we reach a consensus for 3 and/or 6?

hmmm i got a for 3 and b for 8. For 3, my reasoning that it wasn't e was because that there is no actual option of selling it $130000, at least not for the moment. Not sure if that's right though... any ideas?

yep c

hmmm 17 i got c? 1.86 is the elasticity of demand i think, but b says elasticity of supply. 19 i put e as well... no idea what's going on there lol :)

I thought it was a. Wouldn't an increase in price cause quantity demanded to fall?

Yeah I've looked through them all, unsure about some of them though.

Awesome. *sigh* this quiz was harder than i thought it was gonna be >_<

LOL thanks. Your sig is rather distracting... but it made me lol. hmm ok what about Q1? i got d?

I thought it was b... but then that would mean supply decreases, price would increase and essentially demand would decrease? ... is that even right?

What'd you guys get for Q6? Seemed simple enough till I over-thought about it....