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Question 1 Table: Utility Units 0 2 W 4 5 6 Total utility O 20 35 45 50 50 45 35 Reference: Ref 10-1 (Table: Utility) The marginal utility for the sixth unit is: O A. 5. O B. -5. OC. O. OD. -10.Question 10 If the supply curve is given by the equation P = 10 + 40, and the demand curve is given by the equation P = 185 - 10Q, then a price-ceiling set at Pmax = $50 will result in a dead-weight loss of O A. $20.50 O B. $40.25 O C. $43.75 O D. $45.00Question 11 The reservation price of a seller is A. the lowest price the buyer is willing to pay O B. the most the seller can earn on a product O C. the lowest price the seller is willing to accept D. the highest price the seller is willing to receiveQuestion 12 Markets are said to generate a benet to society in the form of "gains from trade." These gains from trade can be calculated in the form of _. "\\ A. the bargaining agreement "\\ B. the consumer surplus C. the producer surplus '/ \\ D. the total surplus question 13 From the perspective of the the price at which a unit is exchange is the marginal cost of that unit. "' A. government A B. economist C. buyer '\" D. seller Question 14 If the supply curve is given by the equation P = 10 + 40, and the competitive market equilibrium price is $60, then a price-ceiling set at Pmax = $50 will result in a dead-weight loss for the producers of O A. $12.50 O B. $8.50 O C. $2.00 O D. $10.00Question 15 The area under the supply curve up to unit Q 1 represents the total _ of Q 1 to society. O A. benefit O B. surplus O C. cost O D. gainQuestion 16 If the supply curve is given by the equation F = 10 + 40, and the competitive market equilibrium price is $60, then a price-ceiling set at Pmax = $50 will result in a producer surplus of_. A $500 ' \\ B. $400 " C. $200 \\ D. $300 Question 17 If the supply curve is given by the equation P = 10 + 40, and the competitive market equilibrium price is $60, then a price-ceiling set at Pmax = $50 will result in a reduction in the producer surplus by A. $120.00 O B. $100 O C. $98.50 O D. $112.50Quistlon 18 1 palms - Normal Form Game: The table below provides a normal form, 2 x 2 game. The players are Column and Row. Column can choose either LEFI' or RIGHT, and Raw can choose either UP or DOWN. Their payoffs for each combination of moves are . rovided in the four boxes. How many Nash equilibrium are in the above game? 0 A. 0 03.2 O C. l O D. None of the above Question 19 A monopolist faces a downward sloping demand curve, P = 63.0 - 15.0*Q. The maximum total revenue will be OA. $66.15 OB. $94.5 O C. $63.0 O D. $126.0Question 2 1 points Save An Scenario: Monopoly with Linear Demand A monopolist faces a linear demand of the form P = a-bQ =500-200. Their marginal cost ( MC) curve is estimated by the equation MC = 50 +50. Their cost per unit ( ATC) at their profit-maximizing output ( QM) is $85, while their cost per unit ( ATC) at the competitive market (socially efficient) output ( Qc) is $100.55. Reference: (Scenario: Monopoly with Linear Demand) (Scenario: Monopoly with Linear Demand) When they are maximizing profit, the monopolist makes a profit per unit of A. $282 O B. $56 O C. $215 O D. $160 O E. $182Question 20 1 points Save A Normal Form Game: The table below provides a normal form, 2 x 2 game. The players are Column and Row. Column can choose either LEFT or RIGHT, and Row can choose either UP or DOWN. Their payoffs for each combination of moves are provided in the four boxes. Column Row LEFT RIGHT 1 -9 UP -5 -6 0 -3 DOWN 4 3 The combination of moves (UP, LEFT) is a Nash-Equilibrium. O A. False O B. TrueQuestion 3 1 points Save Ans Scenario: Monopolist facing a Linear Demand Curve A monopolist faces a linear demand of the form P = a-bQ = 750-150 . Their marginal cost ( MC) curve is estimated by the equation MC =100+100 . Their cost per unit ( ATC) at their profit-maximizing output ( QM) is $193.56, while their cost per unit ( ATC) at the competitive market (socially efficient) output ( Qc) is $237.69. Reference: (Scenario: Monopolist facing a Linear Demand Curve) (Scenario: Monopolist facing a Linear Demand Curve) Total revenue ( TR) is maximized when the monopolist produces and sells units. O A. 40 O B. 50 O C. 25 O D. 75 O E. 80Question 4 1 points Save Ans Scenario: Monopolist facing a Linear Demand Curve A monopolist faces a linear demand of the form P= a-bQ = 750-150 . Their marginal cost ( MC) curve is estimated by the equation MC =100+100 . Their cost per unit ( ATC) at their profit-maximizing output ( QM) is $193.56, while their cost per unit ( ATC) at the competitive market (socially efficient) output ( Qc) is $237.69. Reference: (Scenario: Monopolist facing a Linear Demand Curve) (Scenario: Monopolist facing a Linear Demand Curve) The monopolist will charge a price of _to maximize profit. A. $506.25 B. $890.10 O C. $608.00 O D. $420.10 E. $589.15Question 5 Figure: Computing Monopoly Profit Price, marginal revenue, marginal cost, average K total cost P3 P1 X Demand 0 M Q H Quantity (per period) Reference: Ref 14-1 (Figure: Computing Monopoly Profit) The monopolist will maximize profit by producing _ and charging O A. at point M; P3 O B. at point H; P2 O C. at point Q; P2 O D. at point L; P1 O E. None of the aboveQuestion 6 Figure: A Profit-Maximizing Monopoly Firm Price, marginal revenue, marginal cost, average total cost $35 ATC 29 MC 26 MRi O 160 220 250 300 Quantity of output (per week) Reference: Ref 14-2 When the monopolist maximizes profit, the profit per unit will be O A. ($35 - $20) O B. ($29 - $8) O C. ($26 - $15) O D. ($29 - $16) O E. ($20 - $15)Question 7 Figure: A Profit-Maximizing Monopoly Firm Price, marginal revenue, marginal cost, average total cost $35 ATC 29 MC 26 20 . . ..... D MRi O 160 220 250 300 Quantity of output (per week) Reference: Ref 14-2 The monopolist will never charge a price below O A. $35 O B. $20 O C. $26 O D. $29Question 8 1 points Save Answe Table: Consumer Equilibrium 1 Units of Marginal utility Units of Marginal utility good X good X good y good Y 20 12 IN 16 10 W N 12 8 - W 8 6 UI A 4 4 or 6 NI Reference: Ref 10-4 (Table: Consumer Equilibrium 1) Assume that the price of good X is $2 per unit, the price of good Y is $1 per unit, and you have $10 of income to spend on both goods. To maximize utility, you would consume units of X and units of Y. O A. 5; 0 O B. 3; 4 O C. 2; 6 O D. 2; 3Question 9 Use the table below to answer the following question. Assume that the price of product A is $3.81 while the price for product B is $4.44. The buyer has a budget of $40. Q MUA MUB - 24 25 2 23 23 22 21 A W 21 19 20 17 19 15 18 13 17 11 16 10 15 Given the marginal utilities The optimal bundle is O A. 6 of product A and 2 of product B O B. 8 of product A and 2 of product B C. 6 of product A and 3 of product B D. 6 of product A and 4 of product B O E. 7 of product A and 4 of product B OF. 7 of product A and 3 of product B
