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Pham Nguyen That Trung BABAWE 18131 M4B GO1 TUESDAY QUIZ 3 Duration: 45 minutes 1. Multiple Choice Questions (60pts) 1) The fixed cost of producing a good are 80 and the variable costs are 2 + Q/5 per unit. What is the value of marginal cost at Q = 25? A. 12 B. 22 C. 10 D. 255 2) A firm's production function is given by Q = 0.5VL - 0.1L. Find expression for the marginal product of labor (MPL). A. MP, = 51-0.1 B. MPL = - 5 -0.1 5 2 VL C. MPL = F -0.1 D. MP, = 25L-0.1 ouow ooq onyour 3) Given the demand function P = 500-402. Calculate the price elasticity of demand averaged along an arc joining Q = 8 and Q = 10. A. - 2.1 B. - 8 C. - 0.72 D. - 0.27 4) If the supply equation is Q=7+0.1P +0.004P2. Find the price elasticity of supply if the current price is 80. A. 1.97 B. 0.51 C. 1.46 D. 0.84 5) A firm's short-run production function is given by Q=30012 - L* where L denotes the number of workers. What is the size of the workforce that maximizes the average product of labor (APL)? A. 17 B. 10 C. 12 D. 15 6) The demand equation of a good is given by P+20=20 and the total cost function is 9-802 +200+2. Find the maximum profit. A. 27 B. 28 C. 29 D. 30 7) If f (x, y) =2x1 +3x2 y', work out the value ~ at (2;-1) ax A. 908 B. 860 C. 884 D. 848 8) Find fy of the function f (x, y) = xy5 + 3y2 A . fy = 15x 2 14 B. fry = 15x2 C. fy = 5x y*+ by D. fxy = 15x2y4 + 6 9) The demand function of a good is given by Q=100-6P +0.1Y2. Find the income elasticity of demand when P = 10 and Y = 20. A. 1 B. 0.8 C. 0.5 D. 0.75