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Microeconomics

10/27/15

Price Elasticity of demand

If P=80-.4Q what is the price elasticity of demand?

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Microeconomics

10/24/15

Consider a consumer who maximizes utility subject to a budget constraint. If her income increases, then:

A. the budget constraint will shift inward, the consumer will move to a new equilibrium along a lower indifference curve, and the level of total utility will increase B. the budget constraint... more

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Microeconomics

10/23/15

Any bundle of goods located outside (versus inside) of a consumer's budget constraint:

Any bundle of goods located outside (versus inside) of a consumer's budget constraint: i. is unobtainable, given the consumer's incomeii. implies the consumer is not spending all of his or her... more

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Microeconomics

10/23/15

Fran likes fruit. If she consumes 1 piece of fruit, she obtains 5 units of utility, if she consumes 2 pieces she obtains 12 units of utility, and if he consumes

Fran likes fruit. If she consumes 1 piece of fruit, she obtains 5 units of utility, if she consumes 2 pieces she obtains 12 units of utility, and if he consumes 3 pieces he obtains 20 units of... more

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Microeconomics

10/23/15

One component of the consumer choice model is an individual's utility function. The utility function alone may be used to identify

One component of the consumer choice model is an individual's utility function. The utility function alone may be used to identify: i. the bundles of goods and services that yield the same level... more

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Microeconomics

10/23/15

In microeconomics the term 'utility' references the:

In microeconomics the term 'utility' references the: i. relative scarcity of a good or service ii. usefulness of a good or service iii. satisfaction derived from consumption of a good or... more

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Microeconomics

10/23/15

A long-standing hypothesis regarding consumer preferences is given by the law of diminishing marginal utility, which states that

A long-standing hypothesis regarding consumer preferences is given by the law of diminishing marginal utility, which states that: A.the quantity of a good demanded will rise as price is lowered,... more

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Microeconomics

10/23/15

Microeconomics: Consider a consumer who maximizes utility subject to a budget constraint. If her income decreases, then:

A.the budget constraint will shift inward, the consumer will move to a new equilibrium along a lower indifference curve, and the level of total utility will decrease B.the budget constraint... more

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Microeconomics

10/23/15

Microeconomics: If a consumer were to purchase units of goods X and Y such that MUY/PY > MUX/PX ,

then total utility could be increased by purchasing: A.more of Y and less of X B.more of X and less of Y C.less of Y only if its price decreases D.more of X only if its price... more

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Microeconomics

10/23/15

Microeconomics: Consider a consumer that exhausts her income by purchasing units of various goods and services at the market prices.

If the consumer is a utility maximizer, then income will be allocated such that: A.the marginal utilities of the goods and services purchased are equal B.the prices of the goods of the... more

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Microeconomics

10/23/15

Microeconomics: A consumer exhausts his income on goods X and Y. If his income is $150, the price of good X is PX = $6, and the price of good Y is PY = $3,

then the algebraic expression for his budget constraint is: A. Y = 25 - 0.5X B. Y = 50 - 0.5X C. Y = 150 - 0.5X D. Y = 25 - 2X E. Y = 50 - 2X F. Y = 150 - 2X

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Microeconomics

10/21/15

Microeconomics:Consider an individual whose preferences are described by the utility function is U = X0.5Y0.5.

If she consumes 3 units of X and 4 units of Y, then some level of utility will be experienced. If the individual instead consumes 2 units of Y, how much of good X must she consume in order to... more

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Microeconomics

10/21/15

Microeconomics: Suppose an individual's preferences are described by the utility function U = X0.5Y0.5

and consider the following three combinations (or bundles) of X and Y:Bundle A (5,5); Bundle B (3,7); Bundle C (4,6).Given the individual's preferences, the bundles ranked from most-preferred... more

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Microeconomics

10/21/15

Microeconomics: Fran likes fruit. If she consumes 1 piece of fruit, she obtains 6 units of utility, if she consumes 2 pieces she obtains 10 units of utility,

and if he consumes 3 pieces he obtains 12 units of utility. It follows that: A.total utility is increasing at a decreasing rate and marginal utility is increasing B.total utility is... more

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Microeconomics

10/21/15

Microeconomics: A long-standing hypothesis regarding consumer preferences is given by the law of diminishing marginal utility, which states that:

A.the quantity of a good demanded will rise as price is lowered, holding all other factors constant B.the demand for a good will rise as price is lowered, holding all other factors... more

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Microeconomics

10/21/15

Microeconomics question: One component of the consumer choice model is an individual's utility function. The utility function alone may be used to identify:

i. the bundles of goods and services that yield the same level of utilityii. the utility derived from all bundles of goods and services iii. the utility maximizing bundle of goods and services a... more

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Microeconomics

08/03/15

In making an investment decision, a business firm is most interested in the:

nominal interest rate. real interest rate. nominal interest rate minus the real interest rate. the future supply of loanable funds.

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Microeconomics

04/26/15

elasticity of demand

how you believe consumer equilibrium (& utility) may be related to the concept of elasticity. In other words, do you think that the elasticity of demand impacts the utility we get from... more

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Microeconomics

03/02/15

What is the total profit earned by the firm?

Given a perfectly competitive market structure at the profit-maximizing output level, a firm's average fixed costs are $3, total variable costs are $137, marginal revenue is $4, and the quantity... more

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Microeconomics

03/02/15

Which of the following statements is true?

a) Agricultural price supports increase consumer surplus. b) Agricultural price supports decrease producer surplus. c) Agricultural price supports benefit taxpayers by reducing food prices. d) All... more

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Microeconomics

03/02/15

Using the table below, what is the firm's optimal output level?

Output Price Total Cost 0 1750 $1000 1 1700 2,000 2 1650 2,800 3 1600 3,500 4 1550 4,000 5 ... more

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Microeconomics

03/01/15

If total product is decreasing, marginal product is

increasing. above average product. negative. equal to average product. positive.

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Microeconomics

03/01/15

Assuming the firm is a profit maximizer, what are the firm's total profits?

Given a perfectly competitive market structure, a firm's total fixed costs are $195, average variable costs are $4, marginal revenue is $6, and the quantity demanded is 65. a) $145 b)... more

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Microeconomics

03/01/15

Assume that marginal revenue equals rising marginal cost at 100 units of output.

At this output level, a firm's total fixed cost is $400 and its total variable cost is $600. If the price of the product is $3 per unit and the firm produces at its optimal level, the firm will... more

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Microeconomics

02/27/15

In the table below, if for an output of 11 units the average variable cost is $52,

Total Output Total Cost 0 $100 2 196 4 212 6 310 8 430 10 ... more

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Price Elasticity of demand

Consider a consumer who maximizes utility subject to a budget constraint. If her income increases, then:

Any bundle of goods located outside (versus inside) of a consumer's budget constraint:

Fran likes fruit. If she consumes 1 piece of fruit, she obtains 5 units of utility, if she consumes 2 pieces she obtains 12 units of utility, and if he consumes

One component of the consumer choice model is an individual's utility function. The utility function alone may be used to identify

In microeconomics the term 'utility' references the:

A long-standing hypothesis regarding consumer preferences is given by the law of diminishing marginal utility, which states that

Microeconomics: Consider a consumer who maximizes utility subject to a budget constraint. If her income decreases, then:

Microeconomics: If a consumer were to purchase units of goods X and Y such that MUY/PY > MUX/PX ,

Microeconomics: Consider a consumer that exhausts her income by purchasing units of various goods and services at the market prices.

Microeconomics: A consumer exhausts his income on goods X and Y. If his income is $150, the price of good X is PX = $6, and the price of good Y is PY = $3,

Microeconomics:Consider an individual whose preferences are described by the utility function is U = X0.5Y0.5.

Microeconomics: Suppose an individual's preferences are described by the utility function U = X0.5Y0.5

Microeconomics: Fran likes fruit. If she consumes 1 piece of fruit, she obtains 6 units of utility, if she consumes 2 pieces she obtains 10 units of utility,

Microeconomics: A long-standing hypothesis regarding consumer preferences is given by the law of diminishing marginal utility, which states that:

Microeconomics question: One component of the consumer choice model is an individual's utility function. The utility function alone may be used to identify:

In making an investment decision, a business firm is most interested in the:

elasticity of demand

What is the total profit earned by the firm?

Which of the following statements is true?

Using the table below, what is the firm's optimal output level?

If total product is decreasing, marginal product is

Assuming the firm is a profit maximizer, what are the firm's total profits?

Assume that marginal revenue equals rising marginal cost at 100 units of output.

In the table below, if for an output of 11 units the average variable cost is $52,

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