Explain what a graph is and how it can be used
What will be an ideal response?
A graph is a two-dimensional representation of a set of numbers. It can be used to demonstrate the relationship between two or more variables.
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The following is a Cobb-Douglas production function: Q = 1.75K0.5•L0.5 . What is correct here?
a. A one-percent change in L will cause Q to change by one percent b. A one-percent change in K will cause Q to change by two percent c. This production function displays increasing returns to scale d. This production function displays constant returns to scale e. This production function displays decreasing returns to scale
If the price of hot dogs were to decrease, which of the following changes would we expect to occur in the hot dog bun market?
a. The equilibrium price of hot dog buns would decrease and the quantity of hot dog buns sold would increase. b. The equilibrium price of hot dog buns would increase and the quantity of hot dog buns sold would decrease. c. The equilibrium price of hot dog buns would increase and the quantity of hot dog buns sold would increase. d. The equilibrium price of hot dog buns would decrease and the quantity of hot dog buns sold would decrease. e. The equilibrium price of hot dog buns would stay the same and the quantity of hot dog buns sold would increase.