Quiz: Final Exam ECON 10 Spring X *Course Hero X + X -> C @ https://4cd.instructure.com/courses/73311/quizzes/369890/take Al . . . OS MEDANO Spring 2022 COLLEGE D Question 21 2.25 pts Home Modules The opportunity cost of doing or getting something is best and fully defined as: Syllabus O The value of all of the things that you give up when you use a resource you own. Assignments O The difference between the marginal cost and benefit of doing something. Quizzes O The monetary cost on the materials used in doing or getting something. 898 Discussions O The value of the best alternative that is given up in order to do or get something. Grades People Collaborations D Question 22 2.25 pts ? Chat LMC Library Two goods are considered to be complements if: Office 365 Starfish O The two goods say very nice things to each other. TechConnect Zoom O They do the exact same thing. Student Support O The two goods provide exactly the same amount of utility to the consumer. Services O When a consumer consumes more of one they tend to consumer more of the other. LMC Virtual Tutoring Microsoft Teams classes Question 23 2.25 pts 3:51 PM Type here to search O 994 87F Sunny 5/19/2022 E[D I I Quiz FinalExam ECONlOSpring x l\" CourseHero x | + 6 C Q] https://4Cd.inslruclure.c0m/courses/733\"l1/quizzeS/369890/take SpringZDZZ Home Modules Syllabus Assignments | Quizzes Discussions Grades People Collaborations Chat LMC Library Ofce 365 Starsh TechConnect Zoom Student Support Services LMC Virtual Tutoring Microsoft Teams classes Question 23 2.25 pts Other things equal. Wl'LLCll ofthe following might cause an increase in the demand for eggs? 0 Consumers' incomes decline due to a recession. 0 The price of bread. a complementary good. goes down. 0 A study is published showing negative health consequences of eating too many eggs. 0 The cost of chicken feed goes down. Question 24 2.25 pts The table below shows the utility that Matthew gets for consuming goods X and Y. He is currently consuming 5 units of good X and 5 units of good Y. If the price of good X is $10 and the price of good Y is $5 and all of his money is spent, what should he do to increase his total utility? Quantity of Utility from Marginal Utility inntity of Utility from MIrginnl Utility X X from X Y Y [mm Y 1 42 l 35 2 82 2 55 3 l 18 3 73 4 I 48 4 88 5 170 5 100 6 182 6 l 10 7 182 7 100 ,0 Type here to search F Sunny Quiz: Final Exam ECON 10 Spring X *Course Hero X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take Al . . . OS MEDANO Spring 2022 COLLEGE Home Modules D Question 24 2.25 pts Syllabus The table below shows the utility that Matthew gets for consuming goods X and Y. He is currently consuming 5 Assignments units of good X and 5 units of good Y. If the price of good X is $10 and the price of good Y is $5 and all of his Quizzes money is spent, what should he do to increase his total utility? 898 Discussions Quantity of Utility from Marginal Utility Quantity of Utility from Marginal Utility X X from X Y from Y Grades 1 42 35 2 82 2 55 People 3 118 3 73 4 148 4 88 Collaborations 5 170 5 100 6 182 6 110 7 ? Chat 182 100 LMC Library O Shift consumption away from good Y and buy more of good X. Office 365 Nothing, he is already maximizing his utility. Starfish O Shift consumption away from good X and buy more of good Y. TechConnect Zoom O Buy less of both! Student Support Services LMC Virtual Tutoring D Question 25 2.25 pts Microsoft Teams classes Consider the firm whose cost function is shown below. If the current price for the good is $25, how many units Type here to search O E 3:52 PM 99+ 87F Sunny 5/19/2022Quiz: Final Exam ECON 10 Spring X *Course Hero X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take . . . O Buy less of both! OS MEDANO Spring 2022 COLLEGE Home Modules D Question 25 2.25 pts Syllabus Assignments Consider the firm whose cost function is shown below. If the current price for the good is $25, how many units should they produce to maximize their profits? Quizzes Quantity Total Cost Total Fixed Total Variable Marginal Cost 898 Discussions Cost Cost Grades 0 $15 25 People W N - 33 43 Collaborations 4 58 78 ? Chat 6 100 LMC Library 0 5 Office 365 0 4 Starfish 0 2 TechConnect Zoom Student Support O None because they will making a loss. Services LMC Virtual Tutoring D Question 26 2.25 pts Microsoft Teams classes Which of the following uses the phrases "quantity demanded" and "demand" correctly (assume Playstation and Xbox are 3:52 PM Type here to search O 994 87F Sunny 5/19/2022Quiz: Final Exam ECON 10 Spring X Course Hero X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take . . . Question zo 2.25 PLS OS MEDANO Spring 2022 COLLEGE Home Which of the following uses the phrases "quantity demanded" and "demand" correctly (assume Playstation and Xbox are substitutes)? Modules Syllabus O When the price of Xbox goes down, there is an increase in the demande for Xbox and a decrease in the quantity demanded for Playstation. Assignments O When the price of Xbox goes down, there is an increase in the quantity demanded for Xbox and a decrease in the demand for Quizzes Playstation. 898 Discussions O When the price of Xbox goes down, there is an increase in the quantity demanded for Xbox and a decrease in the Grades quantity demanded for Playstation. People O When the price of Xbox goes down, there is an increase in the demand for Xbox and a decrease in the demand for Playstation. Collaborations ? Chat D Question 27 2.25 pts LMC Library Office 365 In economics, the short run is: Starfish TechConnect Zoom O As long as there are fixed costs Student Support O As long as there are variable costs Services O One year from today LMC Virtual Tutoring O Three to six months Microsoft Teams classes 3:52 PM Type here to search O 87'F Sunny 5/19/2022Quiz: Final Exam ECON 10 Spring X Course Hero X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take . . . OS MEDANO Spring 2022 COLLEGE Home D Question 28 2.25 pts Modules Syllabus Consider the market for good old fashioned books. If people are turning towards reading as a leisure activity due to the COVID-19 stay Assignments at home orders, while at the same time there are fewer booksellers because retail bookstores are closed to the public, which of the following changes to equilibrium is most consistent with the model of supply and demand? Quizzes 898 Discussions O Equilibrium price would fall and equilibrium quantity would fall. Grades O None of these is consistent with supply and demand analysis. People O Equilibrium price would rise and equilibrium quantity would increase. Collaborations O Equilibrium price would fall and equilibrium quantity would increase. ? Chat LMC Library Office 365 D Question 29 2.25 pts Starfish TechConnect Zoom Which of the following graphs best describes the expected changes in the market for toilet paper if consumers' expect future shortages of the good, while at the same time toilet producers have to pay for additional safety measures at their facilities due to COVID-19. Student Support $ Price $ Price $ Price Services LMC Virtual Tutoring -.Q, Q,=Q Microsoft Teams Quantity Quantity Quantity Quantity Graph A Graph B Graph C Graph D classes O M 3:52 PM Type here to search 87'F Sunny 5/19/2022Quiz: Final Exam ECON 10 Spring X *Course Hero X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take Al . . . OS MEDANO Spring 2022 O Equilibrium price would fall and equilibrium quantity would increase. COLLEGE Home Modules D 2.25 pts Syllabus Question 29 Assignments Which of the following graphs best describes the expected changes in the market for toilet paper if consumers' expect future shortages of Quizzes the good, while at the same time toilet producers have to pay for additional safety measures at their facilities due to COVID-19. 898 Discussions S Price Price $ Price Grades People D, Collaborations Quantity Quantity Quantity Quantity Graph A Graph B Graph C Graph D ? Chat O Graph B LMC Library O Graph D Office 365 O Graph A Starfish O Graph C TechConnect Zoom Student Support Services LMC Virtual D Question 30 2.25 pts Tutoring Microsoft Teams Which of the following graphs best describes the expected changes in the market for flights from Oakland to Mauai if consumers' classes airlines cut back the number of daily flights while at the same time the state of Hawaii does not allow tourists from leaving their hotel 3:52 PM Type here to search O 994 87F Sunny 5/19/2022Quiz: Final Exam ECON 10 Spring X Course Hero X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take . . . OS MEDANO Spring 2022 COLLEGE Home D Question 30 2.25 pts Modules Syllabus Which of the following graphs best describes the expected changes in the market for flights from Oakland to Mauai if consumers' airlines cut back the number of daily flights while at the same time the state of Hawaii does not allow tourists from leaving their hotel Assignments rooms for the first two weeks of their stay due to concerns over COVID-19? Quizzes $ Price $ Price $ Price 898 Discussions Grades - Q, Q,=Q, Q,= Q2 People Quantity Quantity Quantity Quantity Graph A Graph B Graph C Graph D Collaborations O Graph A ? Chat O Graph C LMC Library Office 365 O Graph D Starfish O Graph B TechConnect Zoom Student Support Services D Question 31 2.25 pts LMC Virtual Tutoring Which is the most problematic of the causes of economic inequality? Microsoft Teams classes O The decline in unionism. Type here to search O 3:52 PM 994 87'F Sunny 5/19/2022