please have the question number along with the answer, and give a brief explanation

QUESTION 3 If the market for bottled spring water is characterized by a very inelastic supply curve and a very elastic demand curve, an outward shift in the supply curve would be reflected primarily in the form of: O a higher prices. O b. higher output. O C. lower output. O d. lower prices. QUESTION 4 If a monopoly is maximizing profits: O a. price will always be less than marginal cost. b. price will always be greater than average cost. O C. price will always be greater than marginal cost. O d. price will always be less than average cost.QUE Which of the following production functions exhibits an elasticity of substitution equal to 1? O a. q = 31n k + 21n / O b.q = 40-370.7 O c. q = In k + 21n / O d. All of the above. QUESTION 6 Suppose an individual's MRS (of steak for beer) is 1:5. That is, at the current consumption choices he or she is willing to give up 5 steak to get an extra beer. Suppose also that the price of a steak is $1 and a beer is $ 4. Then in order to increase utility the individual should: O a. none of answers above. O b. continue with current consumption plans. O C. buy more steak and less beer. O d. buy more beer and less steak. QUESTION 7 Consider a version of the Tragedy of the Commons in which herder 1 and 2 simultaneously choose to graze quantities of sheep q1 and 92, respectively, and in which the payoff functions are q (120- 21 _ 92 3 3 for 1 and 92(120- -1 _ 92 3 3 for 2. The Nash equilibrium is 91 = 42 =: O a. 120. O b. 30. O C. 60. O d. 90.QUESTION 8 Which of these utility functions represent the same preferences as U(x,y) = x0 31.2, O a. U(x y) = Vxy O b. U(x y) = In x +Iny O c. U(x y) = In x + 4In y O d. All of the above represent the same preferences. QUESTION 9 Suppose the production function for good q is given by q = 40-6/1.1 `where k and I are capital and labor inputs. Consider three statements about this function: I. the function exhibits constant returns to scale. II. the function exhibits diminishing marginal productivityes to all inputs. III. the function has a constant rate of technical substitution. Which of these statements is true? a. I and II but not III O b. I and III but not II O C. None of them O d. All of themQUESTION 10 A price discriminating monopolist having identical costs in two separated markets should charge a LOWER price in that market: O a. which has a less elastic demand. O b. which has a higher demand. O C. which has a higher marginal revenue. O d. which has a more elastic demand. QUESTION 11 A firm's first-order condition from the Cournot game with general demands and costs is: O a. P(@)+ P'(0)qi - C;(q;) = 0. O b. P(O) - C; (91 ) = 0. OC. P(O); - Ci(qi) = 0. O d. P(Q) + P(@) E q; -C;(q;) = 0. j=1 QUESTION 12 If an individual's utility function is given by U(x y) = xy and / = 200, px = 2, py = 3, his or her preferred consumption bundle will be: O a. (10, 60). O b. (40, 40). O C. (70, 20). O d. 80 (60, 3 ).QUESTION 1 Suppose y = 3x + 4x, elasticity of ) with respect to * is represented by Oa. 6x + 4 yx 3x + 4 b 3x + 4 exy 6x + 4 C. 3x + 4 Pyx 6x + 4 d. 6x + 4 exy 3x +4 QUESTION 2 If a price-taking firm's production function is given by 9 = v 4/, its supply function is given by: O a. q = 2pw. O b. q = p/w. O c. q = p/2w. O d. q = 2p/w