{"id":32581,"date":"2022-02-13T17:41:58","date_gmt":"2022-02-13T17:41:58","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/final-microeconomics-economics-homework-help\/"},"modified":"2022-02-13T17:41:58","modified_gmt":"2022-02-13T17:41:58","slug":"final-microeconomics-economics-homework-help","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/final-microeconomics-economics-homework-help\/","title":{"rendered":"Final: microeconomics | Economics homework help"},"content":{"rendered":"
\n

1<\/span><\/p>\n

FINAL: MICROECONOMICS\u00a0<\/span><\/p>\n

Dr. T. O. Soro<\/span><\/p>\n

FIRST AND LAST NAME:<\/span><\/p>\n

1) Suppose that Homer derives 45 utils of total utility from eating 4 donuts and 55 utils of total utility\u00a0<\/span><\/p>\n

from eating 5 donuts. What is Homer’s marginal utility from eating the 5th donut?<\/span><\/p>\n

A) 10<\/span><\/p>\n

B) 45<\/span><\/p>\n

C) 55<\/span><\/p>\n

D) 100<\/span><\/p>\n

2) Marginal utility is measured as<\/span><\/p>\n

A) utility per unit of production.<\/span><\/p>\n

B) extra output divided by extra utility.<\/span><\/p>\n

C) output of a good or service divided by price.<\/span><\/p>\n

D) extra utility from each additional good consumed.<\/span><\/p>\n

3) If total utility is decreasing, then marginal utility is<\/span><\/p>\n

A) negative.<\/span><\/p>\n

B) positive.<\/span><\/p>\n

C) zero.<\/span><\/p>\n

D) increasing.<\/span><\/p>\n

4) The total utility from consuming 8 units of a good is 155. The marginal utility of the 8th unit is 7 and\u00a0<\/span><\/p>\n

the marginal utility of the 7th unit is 11. The total utility from consuming 6 units of the good is<\/span><\/p>\n

A) 173.<\/span><\/p>\n

B) 144.<\/span><\/p>\n

C) 137.<\/span><\/p>\n

D) 130.<\/span><\/p>\n

5) A well-known athlete loves cupcakes. He receives 200 utils for the first cupcake, an additional 160\u00a0<\/span><\/p>\n

for the second, an additional 120 for the third, another 80 for the fourth, and another 40 for the fifth.\u00a0<\/span><\/p>\n

The marginal utility of the fourth cupcake is ________ and the total utility of consuming four cupcakes\u00a0<\/span><\/p>\n

is ________.<\/span><\/p>\n

A) 40; 80<\/span><\/p>\n

B) 80; 600<\/span><\/p>\n

C) 80; 560<\/span><\/p>\n

D) 40; 402<\/span><\/p>\n

6) Using the above table, what is the total utility of the third piece of pizza?<\/span><\/p>\n

A) 75 utils<\/span><\/p>\n

B) 0 utils<\/span><\/p>\n

C) 25 utils<\/span><\/p>\n

D) -25 utils<\/span><\/p>\n

7) For good A and good B, the consumer maximizes personal satisfaction when<\/span><\/p>\n

A) MUA\/PA = PB\/MUB.<\/span><\/p>\n

B) PA\/MUA = PB\/MUB.<\/span><\/p>\n

C) MUA\/PA = MUB\/PB.<\/span><\/p>\n

D) MUA\/MUB = PA\/PB.<\/span><\/p>\n

8) The price of good “a” is $5 and the price of good “b” is $15. If the marginal utility of good “a” is 20\u00a0<\/span><\/p>\n

then the marginal utility of good “b” must be ________ to have an optimum combination of goods\u00a0<\/span><\/p>\n

purchased.<\/span><\/p>\n

A) 4<\/span><\/p>\n

B) 20<\/span><\/p>\n

C) 60<\/span><\/p>\n

D) 80<\/span><\/p>\n

9) When the marginal utility per dollar of good x exceeds the marginal utility per dollar of good y,<\/span><\/p>\n

A) the consumer should consume more of good x.<\/span><\/p>\n

B) the consumer is consuming too much of good x.<\/span><\/p>\n

C) good y must have a negative marginal utility.<\/span><\/p>\n

D) the consumer is in an optimal situation if the price of good x exceeds the price of good y.<\/span><\/p>\n

10) If a consumer is initially at an optimum, and then the price of Y falls, then<\/span><\/p>\n

A) MUX\/ PX < MUY \/ PY.<\/span><\/p>\n

B) MUX \/ PX > MUY \/ PY.<\/span><\/p>\n

C) MUX \/ PX = MUY \/ PY.<\/span><\/p>\n

D) MUX \/ MUY > PY \/ PX.<\/span><\/p>\n

11) An indifference curve provides the set of consumption alternatives that<\/span><\/p>\n

A) yield the same total amount of satisfaction.<\/span><\/p>\n

B) maximize the utility of the consumer.<\/span><\/p>\n

C) can be purchased for the same amount of money.<\/span><\/p>\n

D) yield the same marginal utility for the last unit consumed of each good.<\/span><\/p>\n

12) A curve where every combination of the two goods being considered yields the same level of\u00a0<\/span><\/p>\n

satisfaction is known as<\/span><\/p>\n

A) a marginal utility curve.<\/span><\/p>\n

B) a total utility curve.<\/span><\/p>\n

C) an indifference curve.<\/span><\/p>\n

D) a budget constraint.3<\/span><\/p>\n

13) In a map showing three indifference curves a consumer is most well off on<\/span><\/p>\n

A) the curve which is closest to the origin of the coordinate axes.<\/span><\/p>\n

B) the curve which is most farther away from the coordinate axes.<\/span><\/p>\n

C) The curve that is in the middle.<\/span><\/p>\n

D) none of the above<\/span><\/p>\n

14) An indifference map shows<\/span><\/p>\n

A) that money income is constant, but product prices may change.<\/span><\/p>\n

B) that utility is at a maximum at the origin.<\/span><\/p>\n

C) that curves closer to the origin represent higher levels of utility.<\/span><\/p>\n

D) that curves further from the origin represent higher levels of utility.<\/span><\/p>\n

15) Refer to the above figure. Which point represents the highest level of utility?<\/span><\/p>\n

A) Point A<\/span><\/p>\n

B) Point B<\/span><\/p>\n

C) Point C<\/span><\/p>\n

D) Point D<\/span><\/p>\n

16) Refer to the above figure. Which point(s) represents the lowest level of utility?<\/span><\/p>\n

A) Points A & C<\/span><\/p>\n

B) Point B<\/span><\/p>\n

C) Point C only<\/span><\/p>\n

D) Point D<\/span><\/p>\n

17) The possible combinations of goods that can be purchased with a specific income are called the<\/span><\/p>\n

A) budget constraint.<\/span><\/p>\n

B) indifference map.<\/span><\/p>\n

C) marginal rate of substitution.<\/span><\/p>\n

D) income-consumption curve.4<\/span><\/p>\n

18) Suppose that the quantity of good y is measured along the vertical axis and that the\u00a0<\/span><\/p>\n

quantity of good x is measured along the horizontal axis. If the price of good x is $5 and\u00a0<\/span><\/p>\n

the price of good y is $10 when income is $200 per time period, the slope of the consumer’s\u00a0<\/span><\/p>\n

budget constraint will be<\/span><\/p>\n

A) -0.5.<\/span><\/p>\n

B) -2.<\/span><\/p>\n

C) -5.<\/span><\/p>\n

D) -10.<\/span><\/p>\n

19) Using the above figure, we can conclude that<\/span><\/p>\n

A) the consumer will purchase goods at combination M.<\/span><\/p>\n

B) the consumer is indifferent between J and M.<\/span><\/p>\n

C) K is the optimal combination of goods.\u00a0<\/span><\/p>\n

D) L is preferred to K.<\/span><\/p>\n

20) In the above figure, if the budget line is the line DF, the consumer will maximize utility at point<\/span><\/p>\n

A) A.<\/span><\/p>\n

B) B.<\/span><\/p>\n

C) C.<\/span><\/p>\n

D) G.5<\/span><\/p>\n

21) Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies\u00a0<\/span><\/p>\n

together, and three workers can produce 65 cookies together. What is the marginal\u00a0<\/span><\/p>\n

product of the 2nd worker?<\/span><\/p>\n

A) 15 cookies<\/span><\/p>\n

B) 20 cookies<\/span><\/p>\n

C) 30 cookies<\/span><\/p>\n

D) 35 cookies<\/span><\/p>\n

22) Changes in production functions are associated with changes in<\/span><\/p>\n

A) the level of output.<\/span><\/p>\n

B) demand.<\/span><\/p>\n

C) the levels of costs.<\/span><\/p>\n

D) technology.<\/span><\/p>\n

23) When El Torito Restaurant is deciding how many waiters to hire for a holiday\u00a0<\/span><\/p>\n

weekend, it is making a ________ decision.<\/span><\/p>\n

A) plant-size<\/span><\/p>\n

B) long-run<\/span><\/p>\n

C) short-run<\/span><\/p>\n

D) fixed-input<\/span><\/p>\n

24) In the long run, a firm can change<\/span><\/p>\n

A) nothing.<\/span><\/p>\n

B) only one input, such as plant size.<\/span><\/p>\n

C) all inputs.<\/span><\/p>\n

D) None of the above are correct.<\/span><\/p>\n

25) If marginal product is negative, then<\/span><\/p>\n

A) total product is rising.<\/span><\/p>\n

B) total product is falling.<\/span><\/p>\n

C) marginal cost is falling.<\/span><\/p>\n

D) average profit is rising.<\/span><\/p>\n

26) Marginal physical product of the first worker is 100, 120 for the second, 80 for the\u00a0<\/span><\/p>\n

third, 30 for the fourth, 5 for the fifth, 3 for the sixth, 2 for the seventh, 1 for the eighth,\u00a0<\/span><\/p>\n

and 0 for the ninth. What is total product for the fifth worker and the ninth worker\u00a0<\/span><\/p>\n

respectively?<\/span><\/p>\n

A) 335; 341<\/span><\/p>\n

B) 335; 0<\/span><\/p>\n

C) 5; 0<\/span><\/p>\n

D) 0; 56<\/span><\/p>\n

27) In the above table, average physical product is 30 snowboards when<\/span><\/p>\n

A) 4 workers are employed.<\/span><\/p>\n

B) 3 workers are employed.<\/span><\/p>\n

C) 2 workers are employed.<\/span><\/p>\n

D) 1 worker is employed.<\/span><\/p>\n

28) In the above table, how many workers are employed when marginal product reaches its\u00a0<\/span><\/p>\n

maximum?<\/span><\/p>\n

A) 1<\/span><\/p>\n

B) 2<\/span><\/p>\n

C) 3<\/span><\/p>\n

D) 4<\/span><\/p>\n

29) Any activity that results in the conversion of resources into products that can be used in\u00a0<\/span><\/p>\n

consumption is<\/span><\/p>\n

A) planning.<\/span><\/p>\n

B) investment.<\/span><\/p>\n

C) production.<\/span><\/p>\n

D) discounting.<\/span><\/p>\n

30) The relationship Q = f(K, L) is an example of a<\/span><\/p>\n

A) cost function.<\/span><\/p>\n

B) production function.<\/span><\/p>\n

C) demand equation.<\/span><\/p>\n

D) profit equation.7<\/span><\/p>\n

31) Using the above table, the total product and average physical product when 3 workers\u00a0<\/span><\/p>\n

are employed are<\/span><\/p>\n

A) 36 and 12, respectively.<\/span><\/p>\n

B) 39 and 13, respectively.<\/span><\/p>\n

C) 37 and 27, respectively.<\/span><\/p>\n

D) 40 and 10, respectively.<\/span><\/p>\n

32) Using the above table, the total product and average physical product when 5 workers\u00a0<\/span><\/p>\n

are employed are<\/span><\/p>\n

A) 61 and 21, respectively.<\/span><\/p>\n

B) 62 and 13, respectively.<\/span><\/p>\n

C) 62 and 15, respectively.<\/span><\/p>\n

D) 61 and 12.2, respectively.<\/span><\/p>\n

33) Using the above table, the average physical product and marginal physical w hen 4\u00a0<\/span><\/p>\n

workers are employed are<\/span><\/p>\n

A) 13 and 13, respectively.<\/span><\/p>\n

B) 13 and 14, respectively.<\/span><\/p>\n

C) 13 and 9, respectively.<\/span><\/p>\n

D) 14 and 13, respectively.<\/span><\/p>\n

34) Refer to the above figure. The curve reflects\u00a0<\/span><\/p>\n

A) the law of diminishing marginal product in labor.<\/span><\/p>\n

B) the law of increasing marginal product in labor.<\/span><\/p>\n

C) the law of diminishing marginal product in capital.<\/span><\/p>\n

D) the law of increasing marginal product in capital.<\/span><\/p>\n

35) Which of the following is correct?<\/span><\/p>\n

A) TC = TFC + TVC<\/span><\/p>\n

B) TC = TFC – TVC<\/span><\/p>\n

C) TC = TFC * TVC<\/span><\/p>\n

D) TC = TFC \/ TVC8<\/span><\/p>\n

36) Suppose that a firm is currently producing 1,000 units of output. At this level of\u00a0<\/span><\/p>\n

output, AVC is $1 per unit, and TFC is $500. What is the firm’s TC?<\/span><\/p>\n

A) $1,500<\/span><\/p>\n

B) $1,000<\/span><\/p>\n

C) $501<\/span><\/p>\n

D) $499<\/span><\/p>\n

37) Suppose that a firm is currently producing 500 units of output.\u00a0<\/span><\/p>\n

At this level of output, TVC = $1,000 and TFC = $2,500. What is the firms ATC?<\/span><\/p>\n

A) $2<\/span><\/p>\n

B) $5<\/span><\/p>\n

C) $7<\/span><\/p>\n

D) $10<\/span><\/p>\n

38) Suppose that when the level of output for the firm increases from 100 to 110 units, its\u00a0<\/span><\/p>\n

variable costs increase from $500 to $700. What is the firm’s marginal cost?<\/span><\/p>\n

A) $5<\/span><\/p>\n

B) $7<\/span><\/p>\n

C) $20<\/span><\/p>\n

D) $200<\/span><\/p>\n

39) Which one of the following statements is FALSE?<\/span><\/p>\n

A) TC = TFC + TVC<\/span><\/p>\n

B) ATC = AFC + AVC<\/span><\/p>\n

C) AFC = TFC divided by Q<\/span><\/p>\n

D) MC = TC divided by Q<\/span><\/p>\n

40\/ We are in the short run. When output is 100 units, the firm’s total fixed cost is $500.\u00a0<\/span><\/p>\n

What will this firm’s total fixed cost be if output doubles to 200 units?<\/span><\/p>\n

A) $1,000<\/span><\/p>\n

B) $500<\/span><\/p>\n

C) $250<\/span><\/p>\n

D) Can’t tell from the information provided<\/span><\/p>\n

41) Refer to the above table. At an output of 4 units, average variable costs are<\/span><\/p>\n

A) $16.<\/span><\/p>\n

B) $22.<\/span><\/p>\n

C) $38.50.<\/span><\/p>\n

D) $44.9<\/span><\/p>\n

42) Refer to the above table. At an output of 3 units, average variable costs are<\/span><\/p>\n

A) $42.<\/span><\/p>\n

B) $30.<\/span><\/p>\n

C) $44.<\/span><\/p>\n

D) $14.<\/span><\/p>\n

43) Refer to the above table. At an output of 2 units, average total costs are<\/span><\/p>\n

A) $61.<\/span><\/p>\n

B) $122.<\/span><\/p>\n

C) $16.<\/span><\/p>\n

D) $45.<\/span><\/p>\n

44) In the above figure, if this firm produces output level Q2, it has average variable costs\u00a0<\/span><\/p>\n

of<\/span><\/p>\n

A) OF.<\/span><\/p>\n

B) OE.<\/span><\/p>\n

C) OB.<\/span><\/p>\n

D) OD.<\/span><\/p>\n

45) In the above figure, if this firm produces output level Q2, it has average total costs of<\/span><\/p>\n

A) OF.<\/span><\/p>\n

B) OE.<\/span><\/p>\n

C) OC.<\/span><\/p>\n

D) OD.<\/span><\/p>\n

46) Refer to the above table. What are total fixed costs at an output of 2 units?<\/span><\/p>\n

A) $50<\/span><\/p>\n

B) $100<\/span><\/p>\n

C) $150<\/span><\/p>\n

D) $20010<\/span><\/p>\n

47) Refer to the above table. What are total variable costs at an output of 2 units?<\/span><\/p>\n

A) $50<\/span><\/p>\n

B) $100<\/span><\/p>\n

C) $150<\/span><\/p>\n

D) $200<\/span><\/p>\n

48\/ When the price of shirts emblazoned with a college logo is $10, consumers buy 150 per\u00a0<\/span><\/p>\n

week. When the price declines to $9, consumers purchase 200 per week. Based on this\u00a0<\/span><\/p>\n

information, calculate the price elasticity of demand for logo-emblazoned shirts.<\/span><\/p>\n

49\/ In a local market, the monthly price of Internet access service decreases from $20 to\u00a0<\/span><\/p>\n

$10, and the total quantity of monthly accounts across all Internet access providers\u00a0<\/span><\/p>\n

increases from 100,000<\/span><\/p>\n

to 200,000. What is the price elasticity of demand? Is demand elastic, unit-elastic, or\u00a0<\/span><\/p>\n

inelastic?<\/span><\/p>\n

50\/The Short run price elasticity of demand for tires is 0.9. If an increase in the price of\u00a0<\/span><\/p>\n

petroleum (used in producing tires) causes the market prices of tires to rise from $50 to\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

$60, by what percentage would you expect the quantity of tires demanded to change?<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

1 FINAL: MICROECONOMICS\u00a0 Dr. T. O. Soro FIRST AND LAST NAME: 1) Suppose that Homer derives 45 utils of total utility from eating 4 donuts and 55 utils of total utility\u00a0 from eating 5 donuts. What is Homer’s marginal utility from eating the 5th donut? A) 10 B) 45 C) 55 D) 100 2) Marginal […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-32581","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/32581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=32581"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/32581\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=32581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=32581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=32581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}