stuff i dont really know

Question 1

independent variables

Answer 1

this is the variable that is changed eg the amount of water that you water a plant

Question 2

dependent variable

Answer 2

is effected by the change eg the size shape look etc is determined by the independent variable

Question 3

independent supply curve

Answer 3

its the supply curve of a single company multiple companies independent supply curves equal the market

Question 4

how to calculate opportunity cost

Answer 4

what is lost divided by what is gained

Question 5

what is something that is consumed with a good

Answer 5

a complementary good

Question 6

what is a quota

Answer 6

its a control on the quantity

Question 7

effect of a quota

Answer 7

dead weight loss greater incentives for black markets

Question 8

what is price support

Answer 8

government created price restrictions where the government will buy any excess amounts

Question 9

5 causes for shift in demand also 1 extra

Answer 9

change in consumers, change in consumer income, change in price of complements, change in price of substitute, change consumer perception , change in future price

Question 10

causes for shift in supply

Answer 10

natural condition weather etc, government intervention, change in price of the good, change in tech improving efficiency,

Question 11

how to find the cost of a price floor or celling

Answer 11

the rectangle area between the quantity demanded and suppled

Question 12

terms of trade

Answer 12

country is willing to sell its good for a price above the oc when they trade they will get a result beyond the ppf