- Refer to Figure above. You have $300 to spend on good X and good Y. If good X costs $30 and good Y costs $50, your budget constraint is
a. AB.
b. BC.
c. CD.
d. DE.
2. Refer to Figure above. You have $600 to spend on good X and good Y. If good X costs $100 and good Y costs $100, your budget constraint is
a.AB.
b. BC.
c. CD.
d. DE.
3. Based on the figure above, curve B is the
firm's
A) marginal cost curve.
B) total cost curve.
C) average total cost curve.
D) average variable cost curve
4. Based on the figure above, curve D is the
firm's
A) marginal cost curve.
B) total cost curve.
C) average total cost curve.
D) average variable cost curve.
5) Based on the figure above, curve C is the
firm's
A) marginal cost curve.
B) total cost curve.
C) average total cost curve.
D) average variable cost curve.
Homework Answers
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Refer to Figure above. You have $300 to spend on good X
and good Y. If...
Refer to the figure below. You have $36 to spend on good X and good Y....
Refer to the figure below. You have $36 to spend on good X and good Y. If good X costs $6 and good Y costs $12, your budget constraint is: 1 2 3 4 5 6 7 8 9 10 11 12 x a) AB b) BC c) CD d) DE
(Figure: Good Y and Good XI) Given the change in the budget constraint, which of the...
(Figure: Good Y and Good XI) Given the change in the budget constraint, which of the following statements is TRUE? Units of good Y 10 U BC BC2 0 1 2 3 4 5 6 7 8 9 10 Units of good X O Good X is an inferior good. Good X and good Y are complements. The demand curve for good Y has shifted inward. The demand curve for good X has shifted outward.
Refer to the information prorided in Figure 8.6 below to ansu Cost curves for Outdoor Equipment...
Refer to the information prorided in Figure 8.6 below to ansu Cost curves for Outdoor Equipment 3 Number of sleeping bags Figure 8.6 21) Refer to Figure 8.6. Curve 1 is Outdoor Equipments 21 A) average fixed cost curve. C) marginal cost curve. B) average variable cost curve. D) average total cost curve 22) Refer to Figure 8.6. Curve 2 is Outdoor Equipment's A) average fixed cost curve C) average total cost curve B) average variable cost curve D) marginal...
Refer to Figure K. For this farmer to maximize profits he should produce _______ bushels of wheat
22. Refer to Figure K. For this farmer to maximize profits he should produce _______ bushels of wheat. A) 6 B) 9 C) 12 D) 16 23. Refer to Figure K. If this farmer is maximizing profits, his profit will be A) $45 B) $48. C) $72. D)-$24. 24. Refer to Figure K. This farmer would earn a zero economic profit if price was A) $7 B) $9 C) $10. D) $13. 25. Refer to Figure K. This farmer's shutdown point is at a price of _______ ;this...
Figure 15-4 Curve 01 03 04 05 15. Refer to Figure 15-4. Profit will be maximized...
Figure 15-4 Curve 01 03 04 05 15. Refer to Figure 15-4. Profit will be maximized by charging a price equal to a. P4. b. PI. c. P5. d. P3. 16. Refer to Figure 15-4. If the monopoly firm is currently producing Q4 units of output, then a decrease in output w necessarily cause profitto a decrease. b. remain unchanged. c. increase as long as the new level of output is at least 02. d. None of the above is...
4. (15%) A consumer has $300 to spend on good X and Y. The market price...
4. (15%) A consumer has $300 to spend on good X and Y. The market price of these two goods are Px-$50 and Py=$100. a. Mathematically and graphically present the budget line. b. Describe graphically what would happen to the budget line if the consumer is given a $50 gift certificate for good X and Px=$25?
25. A consumer is currently at point A, as shown in the figure below. With the...
25. A consumer is currently at point A, as shown in the figure below. With the given budget line and indifference curve to maximize utility she should: 29, A monopolist faces a downward sloping demand curve, P-4610-13. 5.Q. The maximum total revenue lbe. A) $3935.57 B) $461.0 C) $6915 D) $922.0 30. If the price in a competitive market is S30, and the demand curve is given by the equation P = 90-3Q, then the consumer surplus will be A)...
Good Y Good X The diagram above shows a budget constraint on Good X and Good...
Good Y Good X The diagram above shows a budget constraint on Good X and Good Y. Point A is the original optimal bundle. Suppose Good X is an inferior good and the price of Good Y increases, draw the new budget constraint. Would the income effect increase or decrease the consumption on Good Y? Would the substitution effect increase or decrease the consumption on Good Y? If the substitution effect is larger than the income effect, indicate the new...
Figure 21-1 The downwardsloping line on the figure represents a consumer’s budget constraint. Refer to Figure...
Figure 21-1
The downwardsloping line on the
figure represents a consumer’s budget constraint.
Refer to Figure 21-1. If the
consumer’s income is $140, then what is the price of a CD?
$3
$5
$7
$9
Refer to Figure 21-1. A
consumer who chooses to spend all of her income could be at which
point(s) on the figure?
A only
E only
B, C, or D only
A, B, C, or D only
14. Refer to Figure 13-8. Which of the following statements is correct? a. Marginal cost is...
14. Refer to Figure 13-8. Which of the following statements is correct? a. Marginal cost is rising for quantities higher than D because marginal cost is higher than average total cost. b. Average variable cost is declining for quantities less than B because marginal cost is lower than average variable cost. c. Marginal cost is minimized at B because at that quantity, marginal cost equals average variable cost. d. All of the above are correct. 15. When marginal cost is...
Refer to the figure below. You have $36 to spend on good X and good Y. If good X costs $6 and good Y costs $12, your budget constraint is: 1 2 3 4 5 6 7 8 9 10 11 12 x a) AB b) BC c) CD d) DE
(Figure: Good Y and Good XI) Given the change in the budget constraint, which of the following statements is TRUE? Units of good Y 10 U BC BC2 0 1 2 3 4 5 6 7 8 9 10 Units of good X O Good X is an inferior good. Good X and good Y are complements. The demand curve for good Y has shifted inward. The demand curve for good X has shifted outward.
Refer to the information prorided in Figure 8.6 below to ansu Cost curves for Outdoor Equipment 3 Number of sleeping bags Figure 8.6 21) Refer to Figure 8.6. Curve 1 is Outdoor Equipments 21 A) average fixed cost curve. C) marginal cost curve. B) average variable cost curve. D) average total cost curve 22) Refer to Figure 8.6. Curve 2 is Outdoor Equipment's A) average fixed cost curve C) average total cost curve B) average variable cost curve D) marginal...
Figure 15-4 Curve 01 03 04 05 15. Refer to Figure 15-4. Profit will be maximized by charging a price equal to a. P4. b. PI. c. P5. d. P3. 16. Refer to Figure 15-4. If the monopoly firm is currently producing Q4 units of output, then a decrease in output w necessarily cause profitto a decrease. b. remain unchanged. c. increase as long as the new level of output is at least 02. d. None of the above is...
4. (15%) A consumer has $300 to spend on good X and Y. The market price of these two goods are Px-$50 and Py=$100. a. Mathematically and graphically present the budget line. b. Describe graphically what would happen to the budget line if the consumer is given a $50 gift certificate for good X and Px=$25?
25. A consumer is currently at point A, as shown in the figure below. With the given budget line and indifference curve to maximize utility she should: 29, A monopolist faces a downward sloping demand curve, P-4610-13. 5.Q. The maximum total revenue lbe. A) $3935.57 B) $461.0 C) $6915 D) $922.0 30. If the price in a competitive market is S30, and the demand curve is given by the equation P = 90-3Q, then the consumer surplus will be A)...
Good Y Good X The diagram above shows a budget constraint on Good X and Good Y. Point A is the original optimal bundle. Suppose Good X is an inferior good and the price of Good Y increases, draw the new budget constraint. Would the income effect increase or decrease the consumption on Good Y? Would the substitution effect increase or decrease the consumption on Good Y? If the substitution effect is larger than the income effect, indicate the new...
Figure 21-1
The downwardsloping line on the
figure represents a consumer’s budget constraint.
Refer to Figure 21-1. If the
consumer’s income is $140, then what is the price of a CD?
$3
$5
$7
$9
Refer to Figure 21-1. A
consumer who chooses to spend all of her income could be at which
point(s) on the figure?
A only
E only
B, C, or D only
A, B, C, or D only
14. Refer to Figure 13-8. Which of the following statements is correct? a. Marginal cost is rising for quantities higher than D because marginal cost is higher than average total cost. b. Average variable cost is declining for quantities less than B because marginal cost is lower than average variable cost. c. Marginal cost is minimized at B because at that quantity, marginal cost equals average variable cost. d. All of the above are correct. 15. When marginal cost is...
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