微觀經(jīng)濟學綜合期末練習

1、.PAGE ：.；PAGE 8True or FalseAccording to the Law of Comparative Advantage, individuals and economies should specialize in producing those goods and services in which they have a comparative advantage. ( )If MUx/Px is less than MUy/Py, then a utility-maximizing consumer the consumer should consume mo

2、re X and less Y. ( )If there are two goods with positive prices and the price of one good is reduced, while income and other prices remain constant, then the size of the budget set is reduced. ( )Just as in the theory of utility maximizing consumers, the theory of profit maximizing firms allows the

3、possibility of Giffen factors. These are factors for which a fall in price leads to a fall in demand. ( )If the value of the marginal revenue product (MRP) of labor exceeds the wage rate, then a competitive, profit-maximizing firm would want to hire more labor. ( )If the amount of money that people

4、are willing to spend on a good stays the same when its price doubles, then demand for that good must have a price elasticity of demand smaller in absolute value than one. ( )If the equation for the demand curve is q = 40-2p; then marginal revenue decreases in the quantity demanded. ( )Producers surp

5、lus at price p is the vertical distance between the supply curve and the demand curve at price p. ( )Those who want to use higher cigarette taxes as a means of reducing smoking would prefer the demand curve for cigarettes to be highly elastic. ( )A firm is experiencing economies of scale means that

6、the percent increase in output is greater than percent increase in inputs, and hence, the long run average cost of production is stable. ( )Multiple ChoiceEconomics is the study ofa. scarcity under the conditions of democracyb. choice within a system of capitalismc. the role of government in a marke

7、t systemd. choice under conditions of scarcityOpportunity costs exist becausea. there is a price attached to virtually every good or serviceb. technology is not fixed in the economyc. people have different tastes and preferencesd. limited resources cannot satisfy all of the wants in societyAlong a p

8、roduction possibilities frontiera. more of one good can be produced without giving up some of the other goodb. resources are not being fully utilizedc. available resources are being used efficientlyd. there is productive inefficiencyYou have a bond that you can redeem for $10,000 in the next year. T

9、he interest rate is 10% per year. How much is the bond worth today?a. $9,090.91 b. $10,000.00 c. $8,264.46 d. $9,523.81Which of the following would NOT cause the demand curve for college football tickets to shift?a. an increase in the price of professional football ticketsb. a decrease in the price

10、of college basketball ticketsc. an increase in the price of college football ticketsd. an increase in student preferences for college football ticketsA price floor on corn would have the effect ofa. creating a surplus regardless of where the price floor is setb. creating a surplus if the price level

11、 is set above the equilibrium pricec. creating a shortage when the price floor is set below the equilibrium priced. creating a shortage regardless of where the price floor is setAlong a perfectly elastic supply curvea. the quantity supplied is always the sameb. the price elasticity of demand is alwa

12、ys the samec. the price is always the samed. the cross-price elasticity of demand is always the sameThe income effect measures howa. the quantity of a good supplied changes in response to a change in incomeb. the quantity of a good supplied changes in response to a change in the price of a goodc. ho

13、w far the budget line shifts due to a change in incomed. the quantity of a good demanded changes in response to a change in purchasing powerWhich of the following formulas is incorrect?a. AC = AVC + (FC/Q)b. TVC = TC / Qc. TC = FC + VCd. AFC = FC / QWhen there are implicit costs of production,a. acc

14、ounting and economic profit are equalb. explicit costs of production are smallc. accounting profit will exceed economic profitd. economic profit will exceed accounting profitWhich of the following is true regarding the cost curves faced by a firm?a. when MC AC, AVC must be fallingb. when MC AVC, AC

15、must be risingc. when MC AC, AC must be risingd. MC and AC are the same for a perfectly competitive firmA profit-maximizing competitive firm uses just one input, x. Its production function is q = 8x1/2. The price of output is 16 and the factor price is 8. The amount of the factor that the firm deman

16、ds is:a. 10 b. 22.63 c. 64 d. 48The production function is f(L,M) = 4L1/2M1/2; where L is the number of units of labor and M is the number of machines used. If the cost of labor is $25 per unit and the cost of machines is $64 per unit, then the total cost of producing 6 units of output will be:a. 12

17、0 b. 267 c. 150 d. 240When Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is 1-N/200 bushels of corn. If the price of corn is $1 per bushel and the price of fertilizer is $0.40 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund us

18、e in order to maximize his profits?a. 120 b. 240 c. 64 d. 248If a monopolist faces an inverse demand curve, p(y) = 100-2y and has constant marginal costs of 12 and zero fixed costs, how many products will be sold?a. 22 b. 44 c. 50 d. 88Calculations and DiscussionsConsider a perfectly competitive mar

19、ket. Demand is given by the equation and supply is given by the equation. Quantities are millions of kilograms per year and price is dollars per kilogram.Solve for the equilibrium price and quantity.Suppose a price floor is paced at $3.95. Will a surplus result and, if so, how much of one?Suppose a

20、price ceiling is placed at $2.65. Will a shortage result and, if so, how much of one?Suppose the government provides a subsidy of $0.50 per kilogram to sellers of the good. Determine the new equilibrium price and quantity, the amount sellers receive, and the annual cost of the program.A firm in a pe

21、rfectly competitive industry has a production function of: Where is the number of workers it employs per week and is its weekly output. Suppose that workers earn $400 per week (w = 400) and the firms fixed costs are $6,000 per week (FC = 6000). The competitive market price of the firms output is $32

22、 per unit.How much labor should the firm employ?How much output should it produce?What will be its profits, total revenues, and total costs?Based on your answers to part c, will firms be entering or exiting from this industry? Explain briefly.Illustrate the following firms on graphs. Illustrate each

23、 firms profit or loss(if any). you must write down your steps below the graph.A monopolistically competitive firm operating but losing money.Q$MRDATCAVCA loss-minimizing monopoly in the short run that is shut down.Q$DATCAVCMCA natural monopoly regulated to break even.Price ceiling$QDA perfectly comp

24、etitive firm in the long run, attempting to maximize profits.$QDLRAC(長期平均變動本錢)Suppose that there are only two companies in a market. Both sell a product that consumers treat as homogeneous. Company A has a marginal cost of $20 per unit and company B has a marginal cost of $10 per unit; neither firm

25、has any fixed costs. Demand for their product is:What are the two firms Cournot(古諾) reaction functions？Solve for the Cournot equilibrium outputs ( and ) for these firms. Determine the market price and their respective profits.Why do the firms end up producing different amounts of output?Should compa

26、ny B set price low enough to drive company A out of business? Explain.Suppose a firm produces two goods: good x and good y using two inputs: labor (l) and capital (k). The prices the firm receives for goods x and y are px and py respectively. Suppose the production function for x is f(kx, lx) and th

27、e production function for y is g(ky, ly). Moreover, the total endowments of capital and labor for the firm are fixed at K and L respectively. a) What is the firms optimization problem? Using the first order conditions, find out an expression for the equilibrium price ratio px / py in terms of f and g. b) Now suppose f(k, l) = kal and g(k, l) = klb. If the capital-labor rat