Question 33 Mandatory point Scenario 1 Michaela comarmer, Heito formation Michael charged $25 ano his will see the day if he speed day in the eldste spends 10 hours $130 worth of see on Ns farm. He spects that the shelted wad 5300 worth of come your future costellation on what Michael Refer to 1. Michaels $930 OM 3300 O $300 325 Question 54 Mandatory point Assim ut 54 echt is vied on the former for Good wooly of Good Xeneath the demand Goodrow that Osters will be there of the Oleh ingombie te how the button will be thered O buyers will be most of the battle Od the burden of the world be red y between burns Question as (Mandatory it 1 Refer to flore For 1-20 one 00 Q Question 33 (Mandatory) (3 points) Scenario 1 Michael is a corn farmer. He quit his job teaching violin lessons to farm full time. Michael charged $25 an hour for his violin lessons and could see ten students a day. If he spends a day in the fields, he spends 10 hours planting $130 worth of seeds on his farm. He expects that the seeds he planted will yield $300 worth of corn. Base your future cost calculations on what Michael does in one day. Refer to Scenario 1. Michael's accounting cost of of his farming equals a) $130. b) $300. Oc) $380. d) $25. Question 34 (Mandatory) (3 points) Assume that a $4 excise tax is levied on the firms in the market for Good X. If the supply of Good X is less elastic than the demand for Good X we know that a) sellers will bear most of the burden of the tax. Ob) it is impossible to determine how the burden of the tax will be shared. c) buyers will bear most of the burden of the tax. d) the burden of the tax will be shared equally between buyers and sellers. Question 35 (Mandatory) (3 points) Dollars APL 1 20 Labor MPL Refer to Figure 4. For workers 1-20 on the graph, MP is than AP and AP is_ a) greater; increasing b) less; increasing Oc) greater; decreasing d) less; decreasing Question 36 (Mandatory) (3 points) In the long run Firm X incurs total costs of $1,200 when output is 30 units and $1,400 when output is 40 units. Firm X exhibits a) diseconomies of scale because total cost is rising as output rises. b) diseconomies of scale because average total cost is rising as output rises. Oc) economies of scale because total cost is rising as output rises. d) economies of scale because average total cost is falling as output rises
