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25 Microeconomics questions
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<p> d. XXXXX around the "X" XXXX. </p> <p><b>XXXXXX (17)</b><b> – (A) s</b><b>XXXX XXXXXXX, XXXXXXXX to XXX initial XXXXXXXX</b> </p> <p><b>XXXXXXXXXXX:</b> Budget XXXXXXXXXX represents the XXXXXXX quantities XX XXXXX / services a consumer XXX buy given his XXXXXX. The increase in income will XXXXX him XX buy XXXX. XX a XXXXXX, budget XXXXXXXXXX will XXXXX XXXXXXX. </p> <table> <tbody><tr> <td> </td></tr> <tr> <td> </td></tr> </tbody></table> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> <p> <br> </p> <p> Figure XXX XXXXXXX XX </p> <p>XX. XXXX XXX XXXXXXXXXXXX curves in the XXXXXX above, XXXXX XX XXX XXXXXXXXX statements is correct? </p> <p>a. Point X XX preferred equally to point E. </p> <p>b. <b>XXXXX A XX preferred equally to XXXXX X.</b> </p> <p>c. The bundle associated with point B XXXXXXXX XXXX XX-XX's than XXXX associated XXXX XXXXX X. </p> <p>d. XXX bundles XXXXX indifference curve I<XXX>X</sub> XXX XXXXXXXXX to XXXXX XXXXX indifference curve I<sub>X</sub>. </p> <p><b>XXXXXX (18)</b><b> – (X) Point A is XXXXXXXXX equally XX point C</b> </p> <p><b>Explanation:</b> Point X is XXX preferred XXXXXXX to point E because E represents more quantities of both twinkies and Ho-Ho. Combination on point X XXXXXXXXXX more quantities of Ho-Ho than XXXXXXXX. I<XXX>1</sub> XXXX not be XXXXXXXXXX XXXX I<sub>2 </XXX>because latter XXXXXXXX less quantity of XXXX XXXXX than I<sub>X</XXX>. XXXXXXXXX, XXXXXX (X) XX XXXXXXX. </p> <p>XX. XXXXXXX at $X XXX XXXXXXXX XXXXXXXX for the download XX Yo-Yo XX’s XXXXX from XXX “Piazzolla: XXXX of XXX Tango” XXXXX XX X songs. If the substitution XXXXXX of the XXXXX <u>XXXXXXXX </u>from $5 to $X is 1 XXXX, XXX XXX XXXXXX XXXXXX is 3 XXXXX, XXXX impact will XXX price XXXXXX XXXX on XXX XXXXXX XX XXXXXX XXXXXXXXX purchase XXXX the Piazzolla’s XXXXX? (2 XXXXXX) </p> <p><b>XXXXXX (19)</b><b> – </b>XX XXX relative price XX a good XXXXX, XXX substitution effect implies that XXXXXX XXX more XX XXXX XXXX XXX less XX its substitutes. XX XXXX case, XXXXXXXXXXXX effect XXX XXXXX $X XXXXXXXX in price is X song XXXXXXX income effect XXX every $X XXXXXXXX in XXXXX is X XXXXX. It XXXXXXX that XXXXXXXX XXXX XXXXXXXXXX XXXX of XX-Yo Ma’s music XX the price XXXX. The XXXXXXXX effect will be that the XXXXX will XXXXXXXX and XXXXXXXX demanded will increase. </p> <p>XX. XXX wants XX start XXX own business. XXX XXXXXXXX he wants to XXXXX will require XXXX he XXXXXXXX a XXXXXXX that XXXXX $400,XXX. XXX currently has $XXX,XXX in XXX bank earning 3 XXXXXXX XXXXXXXX XXX XXXX. If XXX purchases the factory with his own XXXXX, what XX the annual <b><u>XXXXXXXX opportunity cost</u></b> XX purchasing XXX factory? </p> <p>a. $0 </p> <p>b. $3,000 </p> <p><b>c. $XX,XXX</b> </p> <p>d. $XX,XXX </p> <p><b>Answer (XX)</b><b> – (C) $12,XXX</b> </p> <p><b>XXXXXXXXXXX:</b> XX Joe purchases XXXXXXX from XXX own money he XXXX XXXX earn XXXXXXXX on XXXXXXXXX $100,XXX ($XXX,000 - $XXX,XXX). The XXXXXXXX of $XX,000 ($400,000 × X%) foregone XXXX be the annual implicit XXXXXXXXXXX XXXX. </p> <p>21. A profit-maximizing firm will shut XXXX in the short XXX when </p> <p><b>a. XXXXX is less XXXX average variable XXXX.</b> </p> <p>b. price XX less than XXXXXXX total XXXX. </p> <p>c. average XXXXXXX XX greater marginal XXXX. </p> <p>d. average XXXXXXX XX XXXXXXX than average fixed cost. </p> <p><b>XXXXXX (21)</b><b> – (A) price is XXXX XXXX XXXXXXX XXXXXXXX XXXX</b> </p> <p><b>XXXXXXXXXXX:</b> XX short XXX, XXXXXXX XXX maximized at a level of XXXXXX where marginal revenue (MR) is XXXXX to the XXXXXXXX cost (XX). XX a general XXXX, XXX firm will continue to XXXXXXX as long XX XXXXX exceeds XXXXXXX XXXXXXXX costs. When price XX XXXX XXXX XXXXXXX XXXXXXXX XXXX, the XXXX XXXX XXXX down in XXX short-XXX XX it cannot XXXXX its fixed XXXXX. </p> <p> 22. In the XXXX run, all of a XXXX's costs are variable. In this XXXX the exit criterion for a XXXXXX-maximizing XXXX XX XX </p> <p><b>a. XXXXXXXX if price XX XXXX XXXX XXXXXXX XXXXX XXXX.</b> </p> <p>b. XXXXXXXX if XXXXX is XXXXXXX XXXX average XXXXX XXXX. </p> <p>c. XXXXXXXX XX average XXXXXXX XX XXXXXXX than average fixed cost. </p> <p>d. XXXXXXXX XX XXXXXXX XXXXXXX is XXXXXXX XXXX XXXXXXXX cost. </p> <p><b>Answer (22)</b><b> – (A) shutdown if price is less than average XXXXX XXXX</b> </p> <p><b>XXXXXXXXXXX:</b> Same XXXXXXXXX XX XXXXXXXXX in Answer 22 above XXX XX XXXXXXX XXXX except that in XXX long run XXX costs XXX XXXXXXXX. XXXX XXXXX is less than XXXXXXX total XXXX for XXX positive levels of XXXXXX, the XXXX will XXXX XXXXXXXXXX losses XXXXX XXXXXXX in an XXXXXXXX shut XXXX. </p> <p>23. Because monopoly XXXXX XX XXX have to XXXXXXX with XXXXX firms, the outcome in a XXXXXX XXXX a monopoly XX XXXXX </p> <p> a. not in the XXXX XXXXXXXX XX society. </p> <p> b. one that XXXXX XX XXXXXXXX total XXXXXXXX well-XXXXX. </p> <p> c. XXXXXXXXXXX. </p> <p> <b>d. XXX of XXX XXXXX are XXXXXXX.</b> </p> <p><b>XXXXXX (XX)</b><b> – (X) XXX XX XXX above are correct</b> </p> <p><b>Explanation:</b> Monopoly XXXXXX inefficiencies because XXXX XXXXX is charged XXX less quantity and it is XXXXX XX improve XXX situation XX only selected people XXX XXX the XXXXXXX XX a whole. For this reason, it XX XXXX not in the XXXX interest of XXXXXXX. <XX> </p> <p> </p> <p><i> </i></p> <p><i>24. XX the XXXXXX XXXXX, the marginal cost curve XXX a monopoly firm is XXXXXXXX XX XXXXX </i></p> <p><i>a. X. </i></p> <p><i>b. B. </i></p> <p><i><b>c. C.</b> </i></p> <p><i>d. D </i></p> <p><i> </i></p> <p><i><b>Answer (24)</b><b> – (C) XXXXX X</b> </i></p> <p><i> </i></p> <p><i><b>XXXXXXXXXXX:</b> XXX a XXXXXXXX XXXXX XX a price XXXXXX i.e., a monopolist XXXX XX reduce price in order XX XXXX additional XXXXX. XXXXXXXXX, marginal XXXX curve for XXXXXXXX market is upward XXXXXXX XX XXXXXXXX costs rises with the XXXXXXXX in XXXXXX. XX the other hand, total cost XXXXXX XXX monopolies are XXXXXXXX XXXXXXX. </i></p> <p><i> </i></p> <p><i>25. In the XXXXXX above, XXXXX XXXX XXXXX XXX a XXXXXXXX XXXX is depicted by XXXXX </i></p> <p><i>a. A. </i></p> <p><i><b>b. X.</b> </i></p> <p><i>c. C. </i></p> <p><i>d. D. </i></p> <p><i> </i></p> <p><i><b>Answer (25)</b><b> – (X) XXXXX X</b> </i></p> <p><i> </i></p> <p><i><b>Explanation:</b> XXX explanation in answer 24. </i></p> <p><i><b></b> </i></p> <p><i><b></b> </i></p> <p><i><b></b> </i></p> <p><i><b></b> </i></p> <p><i><b></b> </i></p> <p><i><b></b> </i></p> <p><i><b></b> </i></p> <p><i><b></b> </i></p> <p><i><b></b> </i></p> <p><i><b>XXXXXXXXXXXXXXX! YOU ARE FINISHED. XXX XXXX XX XXXXXXXX</b> <b>PART X. EXTRA XXXXXX. You are <u>not obligated</u> to XX this XXXXXXX. XX XXXXXX XXXX extra XXXXXX, you must show XXX XX XXXX work XXX XXXXXXXX requiring calculations. (XX XXXXXX)</b> </i></p> <p><i><b></b> </i></p> <p><i><b>X.C. 1: </b>Suppose that instead of a supply-XXXXXX diagram, you XXX XXXXX the following XXXXXXXXXXX: </i></p> <p><i> </i></p> <p><i><i>X </i><sub>s</XXX> = XXX + X###i</i></p> <p><i>/i### </i></p> <p><i><i>Q </i><XXX>d</XXX> = XXX - 2###i</i></p> <p><i>/i### </i></p> <p><i> </i></p> <p><i>XXXX this information compute XXXXXXXXXXX price and XXXXXXXX. (2 points) </i></p> <p><i> </i></p> <p><i><b>Answer (XX-X)</b><b> </b> </i></p> <p><i> </i></p> <p><i>The equilibrium XXXXX will XX XXX XXXXX XXXXX Q s = X d. XXXXXXXXX, </i></p> <p><i> </i></p> <p><i>100 + XX = 400 – XX </i></p> <p><i>3P + XX = 400 – XXX </i></p> <p><i>XX = 300 </i></p> <p><i>P = XX </i></p> <p><i> </i></p> <p><i><b>The XXXXXXXXXXX XXXXX is XXXXXXXXX 60 XXX unit.</b> </i></p> <p><i> </i></p> <p><i>XXXXXXXXXXX quantity XXX now XX worked out XX putting the XXXXX of P XXX XXXXXXX XXX Q. XXXXX, </i></p> <p><i> </i></p> <p><i>X s = XXX + X(60) </i></p> <p><i>= XXX + 180 </i></p> <p><i><b><u>= XXX XXXXX</u></b> </i></p> <p><i>XX; </i></p> <p><i>Q d = 400 – 2(60) </i></p> <p><i>= XXX – 120 </i></p> <p><i><b><u>= XXX XXXXX</u></b> </i></p> <p><i> </i></p> <p><i><b>Profit maximizing XXXXXXXX is 280 XXXXX.</b> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i> </i></p> <p><i><b>X.C. 2: </b>XXXXXX a XXXXX XXXXXXXXXXXXX the circumstances that XXXXX prevail in a XXXXXXXXX competitive XXXXXX XXXXX firms are XXXXXXXXXXXX economic losses. Identify XXXXX, revenue, XXX the XXXXXXXX losses XX XXXX XXXXX. Using XXXX graph, determine XXXXXXX an XXXXXXXXXX firm XXXX XXXX XXXX in XXX XXXXX XXX, or choose XX XXXXXX in the XXXXXX. Explain XXXX answer. (6 Points) </i></p> <p><i><b></b> </i></p> <p><i><b>XXXXXX (EC-2)</b> </i></p> <p><i>To determine XXXXXXX or not an XXXXXXXXXX firm XXXX shut down in XXX XXXXX XXX, revenues and XXXXXXX variable XXXXX XXXXX XX XX XXXXXXXX. In XXX XXXXX run, a XXXX can choose to XXXX in XXX market XX long XX its XXXXXXX variable cost XX below Po. When it rises above the Po level, the XXXX XXXX XXXX down in the short XXX. </i></p> <p><i> </i></p> <p><i><b><i></i></b><i> </i></i></p> <p><i><i><i> </i></i></i></p> <p><i><i><i><b>X.X. X: </b>XXXXX has been XXXX discussion of XXXXXXXXXXXX XXXXXXXXXXX XXX XXXXXXX gas delivery companies in XXX United States. XXXXX XXXX understanding of XXXXXXXXXX, discuss XXX XXXXXX XXXXXX XX deregulation XX XXXXXX in XXXXX XXX industries. (2 XXXXXX) </i></i></i></p> <p><i><i><i> </i></i></i></p> <p><i><i><i><b>XXXXXX (XX-3)</b> </i></i></i></p> <p><i><i><i>The main objective XX a monopolist is to XXXXXXX XXXXXXX XXXXXXXX XXXXXX XXXXX XXX charge the XXXXXXX XXXXXXXX price. XXXXXXX or XXX Electricity and natural gas XXXXXXXXXX in United XXXXXX should be XXXXXXXXXXX XXXXXXX XXXXXXXXX on XXX XXXXXX XXXXXX XX XXXXXXXXXXX. If the market is XXXXXXXXXXX, XXXXXXXXXXXX will cause XXXXXXXXX in XXXXX and XXXXXXX benefits specifically to lower XXX middle XXXXXX consumers. XXXXXXX, if market XX not perfectly XXXXXXXXXXX, it XXXX XXXXX inefficiency i.e., XXXXXXXXXX XXXX XX XXXXX and XXXXX will be higher in some areas. Furthermore, it XXXX XXXX XXXX XXXXXXXXXX XXXXXXXX. To XX effective, XXXXXXXXXXXX should XXXXXX in increasingly XXXXXXXXXXX markets.</i></i></i></p> <p><i><i><i><XX></i></i></i></p></i></i>">
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