Second Quiz - .15 Rev'lew Test titties-Jet.r Hatten...

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Unformatted text preview: .15 Rev'lew Test - titties-Jet.r Hatten - Internet Explorer AEIEI w. htlpsfluwm'.mati'ud.comedeentr'PlayerTest.aspxfiestResultId=E p 7 Elm] Detkyuiv... I a throat-h... I'—|_- @ it? {is} Befiithwfilmfleh )) 1% "ml-lan- Elmo: .Dern @mmmbup EPa'xh'aRatin-Lisla'thr... [imam-Lag... gammanmmdmfi... hflsv Fi'lnl: lplEtS Elf El: :12: i'IOiT‘Il ._I} Review Quiz: Week 3 Quiz 40 pts aeee Score: 00f2pts 4 1ot207 ) Test Score: 0%, 00f40 pts ® Chapter Problem 4 It} The table shows some cost data for Marie's Nails which operates in a perfectlyr competitive market. Total Average Average . Avera e vamble total Ma Inal When the market price is $58.33 a box, Marie produces 6‘ boxes of nails. “"3"” fixed CDSt CDSt oost cost per day} [dollars per box] When Marie produces 6 boxes of nails, Marie's economic profit is $ 0‘. 1 T400 61'00 135.01] 4? 00' 2 3?.00 54.00 91.00 39.01 3 24.8? 49.00 73.6? 35.99 4 18.50 48.00 64.50 42.00 5 14.80 45.20 60.00 49.98 6 12.33 48.00 58.33 5?.01 7 10.5? 49.00 59.5? 93.01 8 9.25 54.50 63.?5 Question is complete. Tap on the red indicators to see incorrect answers. 6’) 1—:- Rev'lew Test - t1'u'esle}.r Hatten - Internet Explorer AElll @' hth:s:ff'n"n".iv.mati'ud.cometJJdentfPlaverTestaspxTl'estResultId=E [‘1‘] Delkyuiv... I E Carmel-In... I'—|_- {I} it? {til} EEBitEHFemwslnthflEh 1% Emma Ema: .De‘lll'y @mmmkp imam-Lemma... nmmFachodc—Log... Gamma-naumdaafi... Lair F: ri n I: in IE 5 of El: I: n 0 m it: Review Quiz: Week 3 Quiz 40 pts Score: 0012 pts ® Checkpoint 3 Test A 2 Test Score: 0%, 0 of40 pts it! Aaron hires students to paint houses at $350 a week. He leases equipment that costs $600 a week. Total Total prod uct cost The table gives Aaron's total product and total cost schedules. Labor [houses {dollars [students] per week: per week: At what output is Aaron's average total cost at a minimum? 0 0 500 Note: if two quantifies have the same average total cost. we take the average 1 2 950 quantity as that at minimum average total cost. 2 5 1300 3 9 1650 Aaron's average total cost is at a minimum when he 4 14 2000 paints 21‘ houses a week. >>> Answer rounded to an integer. 5 18 2350 6 21 2?00 Question is complete. Tap on the red indicators to see incorrect answers. 1—:- Review Test - ti'u'esle}.r Hatten - Internet Explorer AEIEI @' htlpsflf'mwv.mati'ud.cometJJdentfPlaverTestespxTl'estResultId=E [‘1‘] Delkyuiv... I E Carmel-In... I'—|_- {I} 55:? {c3} EEBitEHFemwslnthflEh » 1% flouneHem mmcx .De'llt'y @mmmkp imam-Lemme... nmmFachndc—Lng... Gamma-mam... Lair Principles Elf El: ICIi'l'I 1|: Review Quiz: Week 3 Quiz 40 pts ereee Score: 0 012 pts 4 3 or 20 v } Test Score: 0%, 0 0H!) pts ® Chapter Problem 1 fl Wilbur's is the only septic service in a remote village. The firm's total fixed cost is Price and cost (dollars per service call} a $125 a day and marginal cost is zero. The table gives the demand schedule for EDD— service calls. - Prioe Quantity 5.09.. {dollars per service call:- [senrice calls per day] 500 D 400 2 44]}- 300 4 - 20C! 6 GOD- we a 25.3 D 1 D .= Draw the finTI's demand curve. Label it D. 209‘ Draw the finTI's marginal revenue curve. Label it MR. - Draw the finTI's marginal cost curve. Label it MC. mo— 5 Draw a point at the profit-maximizing price and output. 3| ‘ IE1 =5 ,_ —1—fl_1' 4 E- B A entity {service calls per day) Correct answer: Your answer: Price and cost (dollars per service call) Price and cost (dollars per service call] the ObjBCtS specified in the question .15 Rev'lew Test - tilleslet.r Hatten - Internet Explorer ngll cg 05W. 58 . @W u00500... I ecu-05.0.— l'l—|_I 5:. 0:: s EIEE‘itEEWFEVWiIBIW-‘lsfleh )) .mafiud.oom,.’5b.|dentfPlaverTest.aspxfiestResultId = 1‘; “mm Elmo: .Delhr @mmwebma Emma—Lemma... li'flelmneleacelJndc—Lng... OMWmdafifi... 1.. flsv Principles of E om in: 0']- Review Quiz: Week 3 Quiz 40 pts 8.058 Score: 0 012 pts .1 3 or 20 v p Test Score: 0%, D of40 pts ® Chapter Problem 1 ill' Wilbur's is the only septic service in a remote village. The firm's total fixed cost is Price and cost (dollars per service call} a $125 a day and marginal cost is zero. The table gives the demand schedule for Bon— service calls. - Prioe Quantity 5414} {dollars per service call} [service calls per day] 500 [1 40E] 2 400- 300 4 20C! 5 300- 100 8 25 [1 1D Draw the finTI's demand curve. Label it D. 209‘ Draw the finTI's marginal revenue curve. Label it MR. Draw the fin'n's marginal cost curve. Label it MC. Draw a point at the profit—maximizing price and output. 3- RH flan-nun"uuuuuu Wilbur‘s economic profit is $ 1,125‘ a day. Quanfily (servife calls :er day) >>> If the firm incurs an economic loss, indicate the loss with a minus sign. lfthe firm earns an economic profit, do not include a plus sign. >>> Draw only the objects specified in the question QUESTlOl‘I l5 complete. Tap 0n the red indicators to see incorrect answers. (9 1—:- Review Test - ti'liieslei‘.r Hatten - Internet Explorer w. hths:f,.‘-:\"A"N.mafl13d.oomf‘SdeentfPlayerTest.asprl'estResultId=Ep " IE [a mun... I a [tarsal-h... I P Review. it 13% fl {‘3} BEEfiEHFewflmImflEh » $3 “mm Enema; .oevry @W'flebkp gmm—mmfi." “mum—Lag... gamma-51mm... 1.. &v Print: iples .:::.f E-::.:::rion‘.i. _ u}. Review Quiz: Week 3 Quiz 40 pts .00. Score: 0012 pts 4 4ot20v p Test Score: 0%, D of4D pts ® Checkpoint 2 Test A r a An unregulated natural monopoly cans Mt. McKinley air, a unique clean air that has Price and cost (cenls per can) a no substitutes. The monopoly's total fixed cost is $20,000 and its marginal cost is 21] cents a can. The graph illustrates the demand curve for the product. Draw the marginal revenue curve. Label it. Draw the marginal cost curve. Label it. ‘lll Draw a point at the monapoly's profit-maximizing quantity and price. e- Ifl i Correct answer: Your an swer: 5 F'n'ce and cost (cents per can) F'n'ce and cost (cents per can) :' .0 lb. 5 3 1o 12 ntjty {thousands of cans per 1gear) '1ly the objects specified in the question. D o 2 4 s 3 1o 12 o 2 4 a 5 1o 12 Quantity {thousands of cans per year) Quantity {thousands of cans per year) 1—:- Rev'lew Test - Wesleyr Hatten - Internet Explorer AEIEI DIayerTest.asprI'estResultId=E ,0 V Elm WW... I a {Intact-h... I'—|_- E ii {an} it; flannel-km Elma; Imam. Emm'flebfitp £Pa1du'aRatio-Lisla1toFr... fimmFacebudc-Lag... ommhdflfi... 1435' » Principles Ell EIIiIZIll'IUlT ll 1 l: :- Review Quiz: Week 3 Quiz 40 pts 0058 Score: Dot2pts 4 4or20v p Test Score: 0%, 00140 pts ® Checkpoint 2 Test A 7 4:1- An unregulated natural monopoly cans Mt. McKinley air, a unique clean air that has Price and cost (cents per can) a no substitutes. The monopoly's total fixed cost is $20,00fl and its marginal cost is 2D 70' cents a can. ‘ The graph illustrates the demand curve for the product. Draw the marginal revenue curve. Label it. Draw the marginal cost curve. Label it. Draw a poirlt at the monopoly's profit—maximizing quantity,r and price. 3- BE The monopoly sells 4,000‘ cans a year and the price is 40‘ cents a can. >=> Remember that the quantity given on the xhaxis is in thousands ofcans. o 2 4 5 a to 12 Quantity {thousands of cans per year) >>> Dratr.r onlyr the objects specified in the question. QUESllOl‘I l5 COI’TIplEElE. Tap on the red ll'ldlCfilOfS 10 see incorrect answers. Q) 1—:- Rev'lew Test - 'iJ'tlesle}.r Hatten - Internet Explorer AEIEI 3layerTest.asprI'estResultId=E ,0 V Elm WW... I a {Intact-h... I'—|_- E ii {an} it; “ml-ha Elma; .oemr Emm'flebfitp gpanduanadu-Lisla-umfi... fimmFacebudc-Lag... gammaanmmdmfi... 1435' Principles [:le Review Quiz: Week 3 Quiz 40 pts Score: Dot2pts ® Checkpoint 3 Problem 1 Test Score: 0%, D of 40 pts 131' Petra leases a farmer‘s field for $12G a day and grows melons. She pays students $90 a day.r to pick melons and she leases capital at $40 a day. Labor OUIPUt {students} [melons per day] The table gives the daily.r output. D D 1 50 What is Petra's total cost and average total cost if she produces 455 melons a day? 2 11D When Petra produces 455 melons a day, total cost is 3 13” 53 T90" a day. 4 25B 5 335 When Petra produces 455 melons a day, average total cost is $ 1.?4‘ a melon. 2 1g? 9» Answer to 2 decimal places. QUESllOl‘I l5 complete. Tap on the red indicators 10 see incorrect answers. {—5 Review Test - WESIE‘V Hatten - Internet Explorer alglil l‘tl Imm- | awn“... I'l—|_I a s5: {c3} Score: 0012 pts (8) Checkpoint 3 Problem 1 Distant Shores has two oil wells, one owned by Pat and the other owned by Mike. Each well has a valve that controls the rate of flow of oil. The marginal cost ofproducing oil is $0 a unit. The table gives the demand schedule for oil in this area. If Pat and Mike form a cartel and maximize lheirjoint profit, the price of a unit of oil is $ 30‘ and the quantity produced is 6‘ units a day. QUESllOl‘I is complete. Tap on the red indicators to see incorrect answers. Price [dollars per unit] Qu antity dem anded {units per day: El] 55 5D 45 Ill] 35 3D 25 E] Hmm-fl-wM—k Test Score: 0%, D 0140 pts ll! AEIiI JIayerTest.aspxfi'estResultId:E ,0 V Elm WW... I g Chisel-hi... I-I—|_- Q is: {an} Eh Erik Lieu Fewilrs [ads flab fl "mm-n Eli-isms: .oemr Emmmbam Emmott—Lemme... fiwdmmFacebndc—Lng... @afigfimmdasdfi... J. Elsv )) Principles {if E UlT'IlI - IJ} Review Quiz: Week 3 Quiz 40 pts ereee Score: 0 012 pts 4 T of 20 v p Test Score: [1%, D of4D pts (8) Checkpoint 2 Test A 6 :5 Sandy Cove is the only.r beach resort on a small island and the only beach activity,I it Price and cost [dollars per ride) a ofiers is jet ski rides. The graph shows the marginal cost of a ride and the demand for rides. The resort is a single—price monopoly. MC How many rides an hour are taken and what is the price ofa ride? Draw the finTI's marginal revenue curve. Start the curve at the y—aJris. Label it. 1 IE1 J Correct answer: Your an swer: Price and cost (dollars per n'de) Price and cost (dollars per ride) a . MR D 2 3 4 5 6 I" Quantity (rides per hour} 1|}.r the objects specified in the question. Quantity {n'des per hour) Quantity {rides per hour] Review Te - liliesley.r Hatten - Internet Explorer _ [Elli] w. https:J‘J‘ 'iathrd.oometJJdentfPlayerTestaspxTI'estResultId=E D V Elm Damn“... I @ [intact-In... I'—|_- {1% i3 {:21} BEBitEEWFéWiBEfldSLIEh » fl "ml-Ian Elma-re; .Delfnir @mmmbma Emm-mmfi." IiwdamemFacebndc-Lng... OuagfiWmdmfi... 1.. Elev Principles of Eu::u:::riomiu::: j1I II:- Review Quiz: Week 3 Quiz 40 pts eise Score: 0 of2 pts { T 0120 v } Test Score: 0%, D ot-tD pts (8) Checkpoint 2 Test A 6 at! San dy Cove is the onlyr beach resort on a small island and the only beach activityr it Price and cost (dollars per ride) a offers is jet ski rides. The graph shows the marginal cost of a ride and the demand tor rides. The resort is a single—price mo nopoly. How many rides an hour are taken and what is the price of a ride? Draw the fin’n's marginal revenue curve. Start. the curve at the y—axis. Label it. ' . The number of rides taken each hour is 1.5‘. 3~>> Answer to 1 decimal place. The price of a ride is s 2250‘. e» Answer to 2 decimal places. Quantity {noes per hour} >=> Draw only.r the objects specified in the question. Question is complete. Tap on the red indicators to see incorrect answers. 6’) 1—:- Rev'lew Test - 'rr'tr'esletrr Hatten - Internet Explorer AEIEI DIayerTest.asprI'estResultIcl=E ,0 V Elm WW... I a mm... I'—|_- E ii {an} mundtWebfitp EPa'Idu'aRatio-LislaflnFr... “mum-Lug... OMWm-dasdfi... 1435' Principles Ell El: [2: l'IUlT II Review Quiz: Week 3 Quiz 40 pts Score: Dot2pts ® Checkpoint 3 Test A 1 Test Score: 0%, D of 40 pts 131' Sandy Cove is the only.r beach resort on a small island and the only beach activity it Price and cost (dollars per ride) a otters is jet ski rides. The graph shows the marginal cost of a ride and the demand for rides. The resort is a single—price monopoly. The number of rides given by the single-price monopoly.r the efficient. quantity because - A. is not; marginal revenue from the last ride taken is greater than the marginal cost of the last ride taken - E. is; marginal revenue from the last ride taken equals the marginal cost of the last ride taken - C. is; marginal benefit from the last ride taken exceeds the marginal cost of the last ride taken - * E1. is not; marginal benefit from the last ride taken exceeds the marginal cost of the last ride taken - E. is not; marginal benefit from the last ride taken is less than the marginal cost 0 1 2 3 4 5 5 7 of the last ride taken Quantity {rides per hour} QUESllOl‘I l5 complete. Tap on the red indicators 10 see incorrect answers. 1—:- Rev'lew Test - Wesleyr Hatten - Internet Explorer AEIEI @' htlpsflf'nwm.mathxl.cometJJdentfPlayerTestespxTl'estResultId=E [‘1‘] Delkyuiv... I E Carmel-In... I'—|_- {I} 55:? {c3} EEBitEHFsmwslmisuEh 1% flouneHem Ema: .Dellli'y @mmmkp £Paldualhfin—Lislmler... nmmFachndc—Lng... Gamma-naimdasfi... Lair F: ii n I: in IE 5 of El: :2: i1 om it: Review Quiz: Week 3 Quiz 40 pts Score: 0012 pts ® Checkpoint 2 Problem 3 Test Score: 0%, 0 0H!) pts ill Hannah's Day Spa is a single-pn'ce monopoly. Price Quantity Total cost The table shows the demand schedule for Hannah's Deg.I Spa (columns 1 and 2) and [dollars per {momma [dollars the finn's total cost schedule {columns 2 and 3}. treatment] per hour: PET hOI-Ifl 1 5 l] 1 What is Hannah's profit-maximizing output, price, and economic profit? 14 1 5 , . _ . . ‘ 13 2 11 Han nah s profit—mammlzing output is 3 treatments an hour. 12 3 19 Han nah's profit—maximizing price is $ 12‘ a treatment. :11; g i? When Hannah's produces the profit—maximizing output and charges the profit-maximizing price, economic profit is $13" an hour. Question is complete. Tap on the red indicators to see incorrect answers. 1—:- Rev'lew Test - Wesley Hatten - Internet Explorer w v https:fl fiudeomfsmdentfPlayerTest.asprI'estResultIdfi .0 V Ella WW... I g threat-tn... I P Rm“: X {1% fl {:3} BEE-“EEWFEMBD-flbfleh $3 Emma Mme: loam: @mmmm gamma—Lemma... fiwemmFacebndc-Lng... Omani-mum... 1.. Hr Principl Review Quiz: Week 3 Quiz 40 pts Score: 0 ot2 pts ® Checkpoint 3 Problem 2 Test Score: 0%, D of 40 pts I} Erica leases a farmer's field for $30 a day and grows pineapples. She pays students $50 a dag.r to pick pineapples and she leases capital at $50 a day. Total product Total cost Labor [pi neapples {dollars The table gives the {tail}.r output and total cost. {Milan‘s} W35“ “12:” What is the marginal cost of picking a pineapple when the quantity increases from 1 50 190 110 to 180 pineapples a day? 2 11D 24D _ _ _ _ . . 3 180 290 The marginal cost of picking a plneapple when the quantity Increases from 110 to 4 260 340 180 pineapples a day is $ 0.?1‘. 5 335 390 we» Answer to 2 decimal places. 5 4GB 440 T 455 490 Question l5 complete. Tap on the red indicators 10 see incorrect answers. 1—:- Review Test - Wesley Hatten - Internet Explorer :lglll EM Immivu- | sun-mu I'l—|_I e is {:3} $3 "meal-ho Ensure: .De’lhr limllndtw'ebkp Emma-Lemme... liWelmnelnFacebudK-Log... OMWkl-dasdfi... Lair Principle of Eu::u:::nomiu::: Review Quiz: Week 3 Quiz 40 pts Score: 0 of2 pts .1 11 of2D v E Test Score: 0%, D 0140 pts ® Chapter Problem 4 fl Brenda's birdhouse factor}.r rents equipment for constructing birdhouses and hires students. Total Average Average Average Marginal Labor prod not fixed varia lJle total cost Brenda pays $70 a day for equipment and $180 a day.r to each student she hires. {um-ken [houses CDSt CDSt CDSt {dollars per per day: per day] [dollars per house house} The table shows Brenda's total product schedule. 1 15 457‘ 1 2110‘ 16.63" Calculate Brenda's average fixed cost, average van'able cost, average total cost, and 10.05 marglnal cost and complete the table. 2 33 112‘ “1911 1103‘ as Answer to 2 decimal places. 35}? 3 54 Question is complete. Tap on the red indicators to see incorrect answers. 1—:- Review Test - titties-legr Hatten - Internet Explorer _ [Elli] @' hthnsw'nwv'n'.matiifixometJJdentfPlaverTest.aspxfiestflesulfld=5 ,0 WW... I @ Wool-In... |'—|_- G 5% {:3} BEEKMFEMBBKBM $3 “Chisel-lam Ema-c .Delky @mfluch-‘ebkp EPa-nduanaciu—Immfi... IiwdmnemFacebndc—Lng... enammaanmmdmfi... jg mv Print: iplES [Inf Eccnon‘ Review Quiz: Week 3 Quiz 40 pts Scorezflot2pts 4 120f207 E Q) Checkpoint 3 Problem 1 a Poinsettia growing is a perfectly competitive industry and all poinsettia growers have the same cost curves. Test Score: 0%, D 0140 pts The market price oprinsettias is $11 a pot and each grower maximizes profit by producing 1.300 potsr a week. The average total cost of producing poinsettias is $19 a pot. Minimum average van'able cost is $5 a pot, and the minimum average total cost is $11 a pot. In the short run; each grower is incurring an economic loss‘ of$ 14,400, a week. >>> Answer with a positive number. Because firms in the industry are ; some films will the market in the long run. The number of poinsetlia growers will -: '- A. making an economic profit; enter; increase -: * El. incurring an economic loss; exit; decrease '- C. incurring an economic loss; enter and some firms will exit; increase or decrease depending on the relative number of entering and exiting films '- [1. making an economic profit; exit and some firms will enter; decrease or increase depending on the relative number of exiting and entering firms ' '- E. making zero economic profit; shut down and exit; decrease Question i3 complete. Tap on the red indicators 10 see incorrect answers. 1—:- Review Test - tallies-legr Hatten - Internet Explorer _ [Elli] EWII—l—l'l—l—I Gigi; $3 “Chisel-tern Ema: .Delky @mflodtV-‘ebkp Emmott—Imam" IiwdmnemFacebndc—Lng... enammaanmmdmfi... J“ mv F: ii n I: in II- of El: I: n on Review Quiz: Week 3 Quiz 40 pts Score: Dot2pts 4 13 of20v E Test Score: 0%, Dof4Dpts ® Chapter Problem 1 fl Pumpkins are sold in a pertectty competitive ‘ market. Baseball caps with logos are sold in a monopolistioatlyr competitive‘ market. Real estate is sold in an oligopolistil: ‘ market. Mouthwash is sold in a rnonopolistjcalty competitive‘ market. Movre tickets In a town with one movre theater are sold In a monopollstlc market. Question i3 complete. Tap on the red indicators 10 see incorrect answers. 1—:- Review Test - lr'lr'eslei.r Hatten - Internet Explorer Afllfl Principl Review Quiz: Week 3 Quiz 40 pts Score: 0 of2pts ® Checkpoint 3 Test A 1 {I Isolated Island has three oil wellsPat, Mike. and Sam each own one. Test Score: 0%, D of 40 pts Price Quantity demanded The table gives the demand schedule for oil in this area. {dollars per unit} [units per day] The marginal cost ofproducing oil is $8 a unit. :3 g If Pat, Mike, and Sam form a cartel and maximize their joint profit. what is the price of 4D 10 a unit of oil? 36 15 32 20 If Pat, Mike, and Sam form a cartel and maximize their joint profit, the price ofa unit 23 25 ofoil is $ 28‘ and the quantity produced is 25‘ units a day. 24 30 2D 35 1E 40 12 45 3 5D 4 55 El ED Question is complete. Tap on the red indicators to see incorrect answers. . f Review Test - liliesleyr Hatten - Internet Explorer ngll 07% mum-in .p. mm umw... | ecu-m. I'l—I_I e s as EIEBitfieerwfiBBIdsmb .mathid .cometJJdentfPlayerTestaspx TiestResultld = 1% "mm Elmo-3 .Delfry @mm'flebfltp gPanduaRacin—Lermmfi... [imam—Lag... Guammanmmdmifi... h &v Fri n I: in | E E: of El: I: n 0 m in: Review Quiz: Week 3 Quiz 40 pts Score: 0 of2 pts { 15 Orzo v E Test Score: [1%, 0 oh“) pts ® Checkpoint 4 Test A 1 o For each ofthe following situations in California, indicate whether or not it is an example of price discrimination. yes The weekend price of a hotel room is greater than the mid-week price. yes‘ Stand—by passengers can fly at lower fares than passengers who buy etii: kets. yes‘ Colleges charge out—of—state students a higher tuition than Californian students. ‘ yes A supermarket sells water for $2 a bottle, or $18 for a be): of 12 bottles. ‘ An insurance company charges a higher insurance rate for a teenaged male than it charges for an adult male. yes The price of water is higher for a car wash firm than it is for a tanner. yes Atropical res...
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