TABLES AND GRAPH QUESTIONS. MICROECONOMICS 101 4

Suppose the market for shoes consists of three consumers. The accompanying table shows the quantity demanded at various prices for each consumer: Price per Pairs Demanded by Pairs Demanded by Pairs Demanded by Fair Juan Leigh Hector 3 100 0 1 a 7'5 0 3 1 50 'l T" 3 3D 2 1 CI 5 At $100 per pair, market demand Select one: C) a. is the same as Leigh's demand. O b. intersects the xaxis. O c. is less than the quantityr supplied. 0 d. intersects the yaxis. Refer to the accompanying figure. The total utility of consuming 4 pizzas a week is 105- 100 90- 75 55 - -- Total Utility 30- - - 2 3 4 5 6 Quantity (pizzas/week) Select one: O a. 22.5. O b. 75. O c. 15. O d. 90.Refer to the accompanying figure. A E C B Price K D D' 0 Q2 Q1 Q3 Quantity If a price ceiling were imposed at point G, then excess demand would be measured by the distance between points Select one: O a. F and K. O b. F and I. O c. G and I. O d. K and I.Assume that all firms in this industry have identical cost curves and that the market is perfectly competitive. Entire Market Single Representative Firm 25 51 25 MC ATC Price ($/unit) AVC 5 200 250 300 350 400 450 10 15 20 25 30 35 40 45 50 Quantity (Number of Units) Quantity (Number of Units) If the market supply curve is given by $1, then in the long run firms will Select one: O a. enter the market, leading the market supply curve to shift out to $2. O b. neither enter nor exit the market, so the market supply curve will remain at $1. O c. exit the market, leading the market supply curve to shift out to $2. O d. enter the market, leading the market supply curve to shift out to S3.Refer to the accompanying table. If the price of a t-shirt is $6 and the price of a sweater is $80, then the rational spending rule is satisfied when the consumer purchases - t-shirts and sweaters. UnitsUtils per Year from T-shirtsUtils per Year from Sweaters 0 0 75 400 2 135 720 180 960 4 210 1,120 Select one: O a. 4; 3 O b. 3; 4 O c. 4;4 O d. 4; 1Refer to the accompanying table. If the price of Good A is $5 and the price of Good B is $4, then the rational spending rule is satisfied when the consumer purchases units of Good A and units of Good B. UnitsMarginal Utility of Good AMarginal Utility of Good B 30 40 2 27 33 3 15 24 4 8 14 Select one: O a. 4;2 O b. 3;3 O c. 1;3 O d. 3; 2John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table. Time cleaning windows (hours/day)Total number of windows cleaned O 7 N - O 11 14 16 17 The first hour John spends cleaning windows costs him that he could have earned in the grocery store. Select one: O a. $2 O b. $14 O c. $7 O d. $18The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the rm $5fhour (regardless of how many calls are made), and each worker is paid $10 per hour Calls Per HourHun'Ib-er of Telephonesumber of Workers Per Hour 1 1 2 2 1 4 Eu 1 E: 16 1 B 22 1 1D 24 1 12 Average variable cost is minimized when output is approximately Select one: Q a. 6 units. 0 b. 22 units. 0 c. 16 units. C) d. 24 units. Suppose Vivek owns a small company that makes kites. The market for kites is perfectly competitive, and kites sell for $25 each. Vivek's total production costs vary depending on the number of kites he makes each day. as shown in the accompanying table. Number of kites Per DayToIal Cost Per Day ($1 100 1 'l U 126 148 1?2 200 235 What is Vivek's economic profit at his prot-maximizing level of output? II'J'I-LI'I-lb-WM'D Select one: Q a. -$?3 0 III. -$100 0 c. -$?5 0 d. -$?2 Suppose Aiko is a potter who makes mugs. Her total costs depend on the number of mugs she makes each day, as shown in the accompanying table. Number of Mugs Per DayTotal Cost Per Day $ 10 $ 14 $ 19 $ 25 $ 32 $ 40 $ 49 If the market for mugs is perfectly competitive, and mugs sell for $7.50 each, then at her profit-maximizing level of output, Aiko will earn a of per day. Select one: O a. loss; $2 O b. loss; $10 O c. profit; $30 O d. profit; $2