Exam 21:Cost Minimization-Part A
Exam 6:Demand-Part A36 Questions
Exam 7:Revealed Preference-Part A53 Questions
Exam 7:Revealed Preference-Part B15 Questions
Exam 8:Slutsky Equation-Part A51 Questions
Exam 8:Slutsky Equation-Part B30 Questions
Exam 9:Buying and Selling-Part A75 Questions
Exam 9:Buying and Selling-Part B30 Questions
Exam 10:Intertemporal Choice-Part A61 Questions
Exam 10:Intertemporal Choice-Part B31 Questions
Exam 11:Asset Markets-Part A46 Questions
Exam 11:Asset Markets-Part B29 Questions
Exam 12:Uncertainty-Part A39 Questions
Exam 12:Uncertainty-Part B24 Questions
Exam 13:Risky Assets-Part A12 Questions
Exam 13:Risky Assets-Part B5 Questions
Exam 14:Consumers Surplus-Part A41 Questions
Exam 14:Consumers Surplus-Part B30 Questions
Exam 15:Market Demand-Part A98 Questions
Exam 15:Market Demand-Part B25 Questions
Exam 16:Equilibrium-Part A45 Questions
Exam 16:Equilibrium-Part B15 Questions
Exam 18:Auctions-Part A36 Questions
Exam 18:Auctions-Part B25 Questions
Exam 19:Technology-Part A48 Questions
Exam 19:Technology-Part B25 Questions
Exam 20:Profit Maximization-Part A49 Questions
Exam 20:Profit Maximization-Part B21 Questions
Exam 21:Cost Minimization-Part A78 Questions
Exam 21:Cost Minimization-Part B26 Questions
Exam 22:Cost Curves-Part A49 Questions
Exam 22:Cost Curves-Part B25 Questions
Exam 23:Firm Supply-Part A46 Questions
Exam 23:Firm Supply-Part B15 Questions
Exam 24: Industry Supply-Part A38 Questions
Exam 24: Industry Supply-Part B33 Questions
Exam 25:Monopoly-Part A71 Questions
Exam 25:Monopoly-Part B25 Questions
Exam 26:Monopoly Behavior-Part A33 Questions
Exam 26:Monopoly Behavior-Part B20 Questions
Exam 27:Factor Markets-Part A23 Questions
Exam 27:Factor Markets-Part B20 Questions
Exam 28:Oligopoly-Part A55 Questions
Exam 28:Oligopoly-Part B25 Questions
Exam 29:Game Theory-Part A33 Questions
Exam 29:Game Theory-Part B25 Questions
Exam 30:Game Applications-Part A28 Questions
Exam 30:Game Applications-Part B25 Questions
Exam 31:Behavioral Economics-Part A31 Questions
Exam 32:Exchange-Part A72 Questions
Exam 32:Exchange-Part B30 Questions
Exam 33:Production-Part A34 Questions
Exam 33:Production-Part B25 Questions
Exam 34:Welfare-Part A25 Questions
Exam 34:Welfare-Part B25 Questions
Exam 35:Externalities-Part A42 Questions
Exam 35:Externalities-Part B20 Questions
Exam 36:Information Technology-Part A24 Questions
Exam 36:Information Technology-Part B15 Questions
Exam 37:Public Goods-Part A21 Questions
Exam 37:Public Goods-Part B15 Questions
Exam 38:Asymmetric Information-Part A29 Questions
Exam 38:Asymmetric Information-Part B20 Questions
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Using existing plant and equipment,Priceless Moments Figurines can be manufactured using plastic,clay,or any combination of these materials.A figurine can be manufactured by F = 2P +5C,where P is pounds of plastic and C is pounds of clay.Plastic costs $5 per pound and clay costs $2 per pound.What would be the lowest cost of producing 60,000 figurines?
(Multiple Choice)
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A firm's production function is q =12x0.50y0.50,where x and y are the amounts of factors x and y that the firm uses as inputs.If the firm is minimizing unit costs and if the price of factor x is 5 times the price of factor y,the ratio in which the firm will use factors x and y is closest to
(Multiple Choice)
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A new metal alloy is discovered that uses copper and zinc in fixed proportions where each unit of the alloy requires 4 units of zinc and 2 units of copper.If no other inputs are required,if the price of zinc is $2 per unit,and the price of copper is $5 per unit and if total output is 4,000 units,what is the average cost per unit of output?
(Multiple Choice)
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If there are increasing returns to scale,then average costs are a decreasing function of output.
(True/False)
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As head of the planning commission of Eastern Motors,your job is to determine where to locate a new plant.The only inputs used in your cars are steel and labor and the production function is Cobb-Douglas where f (S,L)= S.5L.5,where S is tons of steel and L is units of labor.You can locate your plant either in country A or country B.In country A,steel costs $7 a ton and labor costs $7 per unit.In country B,steel costs $8 per ton and labor costs $6 per unit.In which country should the company locate its new plant so as to minimize costs per unit of output?
(Multiple Choice)
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A competitive,cost-minimizing firm has the production function f (x,y)= x + 2y and uses positive amounts of both inputs.If the price of x doubles and the price of y triples,then the cost of production will more than double.
(True/False)
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A competitive firm has the three-factor production function f (x,y,z)= (x +y)1/2 z 1/2.The factor prices used to be wx =$1,wy = $2,and wz =$3.Suppose that the price of factor y doubled while the other two prices stayed the same.Then the cost of production
(Multiple Choice)
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If output is produced according to Q =4LK,the price of K is $10,and the price of L is $40,then the cost minimizing cost minimizing combination of K and L capable of producing 64 units of output is
(Multiple Choice)
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A firm has two factories.One factory has the cost function c1(y1)=2y21 +90 and the other has the cost function c2(y2)= 6y22 + 40.If the firm wishes to produce a total of 32 units as cheaply as possible,how many units will be produced in the second factory?
(Multiple Choice)
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Vincent Smudge,an avant-garde New York artist,creates "living sculpture" by smearing paint slowly all over himself.S hours of "living sculpture" can be created by S = min{L,T/5},where L is hours of labor by Mr.Smudge and T is tubes of water-soluble paint.Since Mr.Smudge is a highly renowned artist,his labor costs $200 per hour,while paint costs $40 per tube.Using a $10,000 grant from the National Endowment for the Arts,how many hours of "living sculpture" can Mr.Smudge create?
(Multiple Choice)
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A lobbyist in our nation's capitol must buy 250 votes in the House of Representatives and Senate to win passage of a bill to add Millard Fillmore's face to Mount Rushmore.Votes in Congress can be purchased according to the following process: V = CM/100,000,where C is the number of dollars contributed to campaign funds and M is the number of three-martini lunches.If three-martini lunches cost $25 each,what is the smallest expenditure the lobbyist could make to ensure Mr.Fillmore's proper place in history?
(Multiple Choice)
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Douffelberry juice is a mild intoxicant,prized for facilitating conversation among university administrators but not otherwise valued.The berry does not travel well,so it must be squeezed on the farm where it is grown.Baskets of berries,B,are produced using ounces of seeds,S,and hours of labor,L,according to a production function B =S1/2L1/2.Gallons of juice,J,are made from baskets of berries and hours of labor according to the production function J=min{B,L}.If seeds cost $16 per ounce and labor costs $1 per hour,what is the cost of producing each gallon of douffelberry juice?
(Multiple Choice)
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As assistant vice president in charge of production for a computer firm,you are asked to calculate the cost of producing 170 computers.The production function is q = min{x,y} where x and y are the amounts of two factors used.The price of x is $18 and the price of y is $10.What is your answer?
(Multiple Choice)
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If output is produced according to Q= 4L + 6K,the price of K is $24,and the price of L is $20,then the cost-minimizing combination of K and L capable of producing 72 units of output is
(Multiple Choice)
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If the production function for tuna casseroles is min{x1,x2 2},where x1 is the amount of factor 1 and x2 is the amount of factor x2,find the cost function for tuna casseroles.
(Short Answer)
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A firm has fixed costs of $4,000.Its short-run production function is y =4x1/2,where x is the amount of variable factor it uses.The price of the variable factor is $4,000 per unit.Where y is the amount of output,the short-run total cost function is
(Multiple Choice)
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The conditional factor demand function for factor 1 is a function x1(w1,w2,y)that tells the ratio of price to output for an optimal factor choice of the firm.
(True/False)
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A competitive firm uses two inputs,x and y.Total output is the square root of x times the square root of y.The price of x is $17 and the price of y is $11.The company minimizes its costs per unit of output and spends $517 on x.How much does it spend on y?
(Multiple Choice)
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