Economics Past Questions and Answers

When the price of a good is above the equilibrium, there will be _____________

What happens when a minimum price is imposed in a market?

When an increase in inputs leads to a more than proportionate increase in output, there is _____________

The short-run in production is the time period when

The table below shows the short-run cost of a firm. Use it to answer the question below<br/><table class='tbn'><tbody><tr><td> Quantity (kg) </td><td> Fixed cost ($) </td><td> Variable cost ($) </td><td> Total cost ($) </td><td> Marginal cost ($) </td><td> Average cost ($) </td></tr><tr><td> 1 </td><td> 750 </td><td> 200 </td><td> 950 </td><td> - </td><td> 950 </td></tr><tr><td> 2 </td><td> 750 </td><td> 560 </td><td> 1310 </td><td> 360 </td><td> 655 </td></tr><tr><td> 3 </td><td> 750 </td><td> 900 </td><td> P </td><td> Q </td><td> 550 </td></tr></tbody></table><br/><br/><br/>Calculate the value of Q