A change in the quantity purchased of a good (X) that is caused by a change in the price of the good (X) ceteris paribus is referred to as

a. A change in quantity demanded

b. A change in demand

c. A shift of the demand function

d. All the above

4. When considering a consumer’s indifference curves for two goods with positive utility (and not perfect compliments or substitutes), the curves will

a. Have a negative slope

b. Tend to be convex sets

c. Cannot intersect

d. All the above

Individual homework (Чепракова А.)

Variant 8

1.Total costs function of competitive firm is ТС = 6Q + 2Q². Find the result of entrepreneur activity if firm produces 25 units and sells them on 36 doll. per unit.

2.There are 500 firms in pure competition industry. Marginal costs of each firm depend on final output: if the case if output is 100 units per month – marginal costs are 25 doll., if output is 200 units – marginal costs are 30 doll., if output is 300 units – marginal costs are 35 doll., if output is 400 units – marginal costs are 40 doll. Find the total output of industry in the case if market price of production is 35 dollars.

The primary objective of an economic system is to

a. Maximize wealth in business activities

b. To optimize the welfare or well-being of the members of society

c. Maximize the output of all goods

d. Insure that businesses can be profitable enough to remain in operation

4. The “Marginal rate of Substitution” (MRS) can be perceived as the

a. Slope of the budget curve

b. The rate at which an individual is willing to trade one good for the other

(utility is neither increased or decreased)

c. Slope of the demand curve

d. All the above

Individual homework (Макаренко А.)

Variant 9

1.The income of consumer is 8 dol. The price of commodity A is 1 doll., the price of commodity B is 0,5 dol. Build the budget line of consumer.

2.Total costs function of monopoly is: ТС = 100 + 3Q, where Q - output (units) in a month; demand function on monopoly products is: Р = 200 - Q, where Р – price of production (doll.). Total output of monopoly is 19 units in a month. How will profit of monopoly change if firm increase its output to 20 units.

The basic or fundamental allocation questions in economics include

a. What is the price to maximize sales? What is the output level to maximize profits?

b. Is advertising desirable in a market? What is the optimal level of advertising?

c. What to produce? How much should be produced? Who should get the output?

d. What is the appropriate money supply to keep interest rates at a minimum?

Indifference curves

a. Tend to intersect when the consumer is in equilibrium

b. Tend to intersect when the consumer is maximizing utility

c. Both a and b above

d. Will not intersect if consumer’s preferences are transitive

Individual homework (До Чинь)

Variant 10

1.The price of commodity has increased from 1,5 to 2 dol. and volume of supply has increased from 10 to 12 units. Determine the coefficient of price elasticity and comment the result.

2.Firm produces 10 th. units in a year. Marginal costs of the firm are 175 doll., average costs are 215 doll. Find profit of the firm in the case if one unit price is 250 doll. and marginal revenue is 185 doll. Explain if this profit is highest?

3. “Microeconomics” has several other names. Sometimes microeconomics is called

a. neoclassical economics

b. price theory

c. both of the above

4. “Marginal” is a term used in economics to refer to

a. The rate of change in a dependent variable caused by a change in some other independent variable

b. The slope of a line that represents a functional relationship between two variables

c. The first derivative of a function

d. All the above

Date: 2015-12-17; view: 1134