First Quiz - 1 Review Test Wesley Hatten Internet...

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Unformatted text preview: 1—:- Review Test - Wesley Hatten - Internet Explorer :lglll EM Immivu- | sun-mu I'l—|_I e e rs $3 "meet-ho Ensure: .De’lhr limllndtw'ebkp Emma-Lemme... liWelmnelnFacebodK-Log... OMWkl-dasdfi... Lair Frinr: ipIE of Eu::u:::norr‘riu::: Review Quiz: Week 3 Quiz 40 pts Score: 0 ot2 pts ® Chapter Problem 1 Test Score: 0%, D 0140 pts fl Plastic cutlery is sold in a perfectly competitive ‘ market. Running shoes are sold in a n'rionopolistil:all5rr competitive‘ market. Printer cartridges are sold in an oligopolistic ‘ market. Toothpaste is sold in a monopolistically competitive‘ market. Haircuts in a town with one hair salon are sold in a monopolistic ‘ market. Question is complete. Tap on the red indicators to see inconect answers. 1—:- Review Test - titles-legr Hatten - Internet Explorer _ [Elli] @' htlpsw'nwvm'.madud.comf5t1rdentfPlayerTest.aspxfiestflesulfld=5p WW... I @ miseI-h... |'—|_- G 5% {:3} BEEKMFEMBBKBM $3 “Chisel-Ian Ema: .Delky @mfludtV-‘ebkp EPa-nduanaciu—Immfi... IiwdmnemFacebndc—Lng... enammaanmmdmfi... jg mv Principles [Inf Eu::u:::norr‘ Review Quiz: Week 3 Quiz 40 pts Score: Dot2pts ® Checkpoint 3 Test A 1 Test Score: 0%, D of 40 pts it! Sandy Cove is the onlyr beach resort on a small island and the only beach activity it Price and cost (dollars per ride) a otters is jet ski n'des. MC 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 - 1* A. is not; marginal benefit from the last ride taken exceeds the marginal cost of the last ride taken - El. is; marginal revenue from the last ride taken equals the marginal costof the last ride taken - C. is not; marginal benefit from the last ride taken is less than the marginal cost of the last ride taken - D. is not; marginal revenue from the last ride taken is greater than the marginal cost of the last ride taken - E. is; marginal benefit from the last ride taken exceeds the marginal cost of the last ride taken Quantity (rides per hour} QUESllOl‘I l3 complete. Tap 0” the red indicators 10 see incorrect answers. AEILI Imam- | emu-m- I'm—l o a as E"! 5“ EH“ WES [ads Eek) gummmmcs.om|§ mmmbm: EPa'Idu'alhrin—LislnrlnFr... “mum—Lag... OMWmdasa‘fi... jg Es' Printipl Review Quiz: Week 3 Quiz 40 pts Score: 0 012 pts ® Checkpoint 3 Problem 1 Distant Shores has two natural gas wells, one owned by Dick and the other owned by Test Score: [1%, D 0140 pts i} Harry. Each well has a valve that controls the rate of flow of gas. Price Quantity demanded [dollars per unit] {units per day: The marginal cost of producing gas is $10 a unit. 51] g The table gives the demand schedule for gas on this island. :3 g If Dick and Harry form a cartel and maximize lheirjoint profit, the price of a unit of gas ‘15 3 is $ 35‘ and the quantity produced is 5‘ units a day. ‘11] 4 35 5 3D 6 25 1' Question is complete. Tap on the red indicators to see inconect answers. . f Review Test - l.I'.lesle\‘.r Hatten - Internet Explorer ngll w. htmsfl'AHAHN.mathrd.mmedeenh’PlayerTestaspx?TestResu|tId=E ,0 V @W DethrLtiv... I Q Emmet-In... |'—|_- @ ix» {‘3} EIEBitfiengwitszIdsfleb )3 1‘3 "ml-lem- Elmo-3 .oemr @W‘Hflbfltp gPanduaRacin—Lermmfi... [imam—Lag... Guammanmmdmfi... h &v F: H n I: in | E E: of El: :2: n 0 m in: D D :- Review Quiz: Week 3 Quiz 40 pts 8.558 Score: 0 ot2 pts { 4 of 2D 7 p Test Score: [1%, 0 oh“) pts ® Checkpoint 3 Test A 2 :1. Sandy Cove is the only beach resort on a small island and the only beach activity it Price and cost (dollars per ride) a otters is jet ski rides. MC The graph shows the marginal cost of a ride and the demand for rides. The resort is a single—price monopoly. Draw the marginal revenue curve. Label it. Draw a shape to show the consumer surplus that is redistributed from consumers to the resort as a result of the market being a single—price monopoly rather than perfectly competitive. Label it 1. Draw a shape to shop.r the deadweight loss that arises from the monopoly of the resort. Label it 2. 3- El Correct answer: Your an swer: Price and cost [dollars per n'de) Price and cost (dollars per n'de) luanljty {rides per hour} the objects specified in the question. Cl 1 2 3 4 5 6 7 ® Quantity {rides per hour] Quantity {rides per hour] fi'fi'lfilii'mrrnnrrhrms ‘ ’ «’5 Review Test - titlesle}.r Hatten - Internet Explorer AElll sister} if; “Chisel-lem- minsmcs .oewy @mmmkp EPa'Idu'aRacin—thnthr... IiwdmnemFacebndc—Lag... Guammaanmmdmifi... J... Ev Principles of E Review Quiz: Week 3 Quiz 40 pts Score: 0 of2pts ® Checkpoint 3 Problem 1 Test Score: [1%, D of40 pls It! Tulip growing is a perfectly competitive industry and all tulip growers have the same cost curves. The market price of tulips is $9 a bunch and each grower maximizes profit by producing 1,900 bunches a week. The average total cost of producing tulips is $21 a bunch. Minimum average variable cost is $9 a bunch, and the minimum average total cost is $13 a bunch. In the short run; each grower is incurring an economic loss‘ of$ 22,800‘ a week. :5» Answer with a positive number. Because firms in the industry are ; some firms will the market in the long run. The number of tulip growers will -: t A. incurring an economic loss; exit; decrease '- El. incurring an economic loss; enter and some firms will exit; increase or decrease depending on the relative number of entering and exiting firms ' '- C. making zero economic profit; shut down and exit; decrease ' '- [1. making an economic profit; enter; increase ' '- E. making an economic profit; exit and some firms will enter; decrease or increase depending on the relative number of exiting and entering firms Question l5 complete. Tap on the red indicators to see incorrect answers. .15 Review Test - Wesley Hatten - Internet Explorer Afllll @' https:ffw'rwn'.matted.cometJJdentfPlayerTest.asprI'estResultld=E ,0 V Delfrth'v... I E [tarsal-In... I-I—|_- @ fl {:3} BEEIitEEWFEVWiBIGCBLIEh is “mm Elma: .oewy |§ [hflndt'flebflp EPa'Idu'aRatio—LblnllnFr... “mum—Lag... Oaagshtsaaa'nmlndmdfi... J; &' Principles of E Review Quiz: Week 3 Quiz 40 pts Score: 0 012 pts ® Checkpoint 2 Problem 1 Test Score: 0%, D of 40 pts {'1' Poinsettia growing is a perfectly competitive industry and all growers have the same costs. The market price of poinsettias is fit) a pot and each grower maximizes profit by producing 300 pots a week. Average total cost of producing poinsettias is $19 a pot and average variable cost is $15 a pot. Minimum average variable cost is 5? a pot. Calculate each grower‘s economic profit or loss in the short run. In the short run, each grower is making an economic pmfit‘ still 300‘ a week. >>> lfthe firm incurs an economic loss, select loss in the dropdown window and do not enter a minus sign. Question is complete. Tap on the red indicators to see inconect answers. {—r Review Test - titres-Jew.r Hatten - Internet Explorer Afllél Isl .mw... I eon-mu II—I—l e e as g “MI-lem- Enema: .De’ihr @mmmbnp gpadaaRaciu-Leimmfi... fimmFacebndc-Lng... Summertime" 1.. Elev Fi'ii'tE iples Review Quiz: Week 3 Quiz 40 pts Score: 0 012 pts 4 T 0120 7 El Test Score: 0%, 0 0140 pts ® Checkpoint 3 Test A 2 :5 Aaron hires students to paint houses at $300 a week. He leases equipment that costs $550 a week. Total Total product cost The table gives Aaron's total product and total cost schedules. Labor than sex {dollars {students} per week} per week: At what output is Aaron's average total cost at a minimum? 0 n 550 Note: if two quantifies have the same average total cost. we take the average 1 2 BSD quantity as that at minimum average total cost. 2 T 1150 3 1 1 1 450 Aaron's average total cost is at a minimum when he 4 14 1?50 paints 14‘ houses a week. >>> Answer rounded to an integer. 5 15 2050 6 1 7 2350 Question is complete. Tap on the red indicators to see incorrect answers. 1—:- Review Test - tittesleyI Hatten - Internet Explorer AElll w. hthjsfl'nm'm'.matted.oometJJdentfPlayerTest.asprl'estResulttd=E ,0 V Elia Wu“... I E mm... I'—|_- Q * {é} BEE-itEEWFEMBIOBEEh it; “Chisel-Em Eli-ramp: .Del'nr @mmmm EPa'rdn-aRarin—LislmlnFr... liwdmemFacebndc—Lng... OWWmdasa'fi... j. risv Principles of Eu::u:::r'rorrriu:::s [1 DD} Review Quiz: Week 3 Quiz 40 pts Score: 0 012 pts (8) Checkpoint 2 Problem 2 Test Score: 0%, D 0140 pts {3! Poinsettia growing is a perfectly competitive industry and all poinsettia growers have the same costs. The market price of poinsetiias is $13 a pot and each grower maximizes profit by producing 1,500 pots a week. Average total cost of producing poinset'tias is $15 a pot and average variable cost is $8 a pot. Minimum average variable cost is $4 a pot. 1rr'tr'hat is the price at the grower‘s shutdown point? The price atthe growers shutdown point is $ 4‘ a pot. QUESllOl‘I l5 complete. Tap on the red indicators 10 see incorrect answers. 1—:- Review Test - liliesleyir Hatten - Internet Explorer - [Elli] ag. leeeii-e- en . Immune- | emm II—|_I e a: s BeaitijeerwilmlmiSHEh .mafiud . mmfsmdentfPlayerTest. aspx TI'eisesultId= {.3 “mm Mme; .DeVry @mlhdfih‘ebflp Emma—Lemme... liwdmmFacebndc—Lng... OWWmdasefi... J. iisv Principle -:::uf Eu::.:::n0n _ Review Quiz: Week 3 Quiz 40 pts eiee Score: 0 012 pts Test Score: 0%, D 0140 pts ® Checkpoint 3 Problem 2 a Tom leases a farmer's field for $50 a day.r and grows cabbages. He pays students $90 a day to pick cabbages and he leases capital at $120 a day. Total product Total cost Labor (cabbage: [dollars The table gives The daily.r output and total cost. W What is lhe marginal cost of picking a cabbage when lhe quaniih; increases from D to 1 EU 2m 80 cabbages a day? 2 130 350 _ _ _ . . 3 3GB 450 The marglnal cast of plcklng a cabbage when [he quanllty Increases from E} to BD 4 Mill] 540 cabbages a day is S 1.13‘. 5 430 630 :3» Answer to 2 decimal places. 6 540 T20 T 530 810 QUESllOH l5 complete. Tap on the red indicators to see incorrect answers. {—5 Review Test - Wesleyr Hatten - Internet Explorer AEIEI @' htlpsflf'nwm.mathxi.cometJJdentfPlaverTestespxTl'estResultId=E [‘1‘] Delkyuiv... I E Carmel-In... I'—|_- {I} 55:? {c3} fiegitnggmesLndsueh 1% flouneHem mmcx .De'llt'y @mmmkp EPaldualhrin—Lislmler... nmmFachodc—Log... Gammondaafi... Lair F: ri n I: in IE 5 of El: I: n om it: Review Quiz: Week 3 Quiz 40 pts Score: 0 012 pts ® Chapter Problem 4 {I The table shows some cost data for Lin's Firewood which operates in a perfectly .. Total Average Average compelllive market. product Average variable total Marginal Test Score: 0%, 0 0140 pts When the market price is $60.00 a bundle, Lin produces 6‘ bundles of firewood. 1:;"33 W When Lin produces 6 bundles of firewood, Li n's economic profit is $ 0‘. 1 84-00 61 .00 145-00 4}- 00 2 42.00 54.00 96.00 39.00 3 28.00 49.00 7?.00 3?.00 4 21.00 46.00 6?.00 42.00 5 16.00 45.20 62.00 50.00 6 14.00 46.00 60.00 6200 TI" 12.00 49.00 61.00 93.00 3 10.50 54.50 65.00 Question is complete. Tap on the red indicators to see incorrect answers. «’5 Review Test - WES-lav Hatten - Internet Explorer AEIEI «CHEW [email protected] I'l—|_I eves} 1i; "museum: Mme: .Demr @mmmbap Emm—mmfi... “Welmleachndt—Lng... Gammondasafi... J. Eisv Print: ipiES Ell El: :12: l'IUlT'Il Review Quiz: Week 3 Quiz 40 pts Score: 0 012 pts ® Chapter Problem 7 {1' The table below shows the costs incurred at Pete's potato farm. Test Score: 0%, D of 40 pts Complete the table. >>> Answer to 2 decimal places. TP TVC TC AFC AFC ATE MC [1 D D 90 — — — 3.?5 ‘ 1 2o 25 155 4.51] 3.25 3.25 1.88 ‘ 2 so 150 240 1-50 2.50 4.110 1.25 ‘ 2. 120 225 315 1175 1-33 2.52. 1.33‘ 4 150 3410 390 1155 1.88 2-44 Question is complete. Tap on the red indicators to see incorrect answers. 1—:- Rev'lew Test - lives-legr Hatten - Internet Explorer _ [Elli] @' htips:ffwwwmafl'nd.comedeentfPlayerTest.asprI'estResultld=E ,0 V § “1" WW... I @ [kneel-Int... I'—|_- @ 5:? {a} » 33 “mm Ema: .oemr fimmm gamma—mun... [imam—Lug... Gammanmmdamifi... yaw FTiHIIipIES CIT El: 'lUlT‘I ]' Review Quiz: Week 3 Quiz 40 pts ee-e Score: Dot2pts 4 12 of20v } Test Score: 0%, Dot4Dpts ® Checkpoint 2 Test A 7 :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 $80,001] and its marginal cost is El] 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 point at. the monopoly's profit—maximizing quantity.r and price. 3- BE MC Correct answer: Your an swer: F'n'ce and cost (cents per can) F'n'ce and cost (cents per can) lb. 3 12 16 ntjty {thousands ofcans per year) '1|i_-,.r the objects specified in the question. G 4 8 12 16 E} 4 8 12 16 Quantity {thousands of cans per year) Quantity {thousands of cans per year) «’5 Review Test - WES-lav Hatten - Internet Explorer AEIEI «CHEW um“...|emm-- I'l—|_I eves} )) it; "mt-Ian Mme: .oevq @mmmbap EPa'Idu'aRaiin—Lisln'llnFr... “Welmleachndc—Lng... QWWMM... J. Eisv Principles {if EI::::::r'I0tT‘iii Review Quiz: Week 3 Quiz 40 pts Close Score: Dot2pts { 12 ofzov } Test Score: 0%, Dothpts ® Checkpoint 2 Test A 7 it} 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 $BD,DDTJ and its marginal cost is 2D 50' cents a can. The graph illustrates the demand curve Tor The product. Draw the marginal revenue curve. Label it. Draw the marginal cost curve. Label it. Draw a point at the mo nopoly's profit—maximizing quantity,r and price. 3- Bit MC The monopoly sells 4,DD(T cans a year and the price is 30‘ cents a can. >:=> Remember that the quantity given on the xhaxis is in thousands ofcans. I«iciclllllllllllaalaaccc uuuuaauuuaa o 4 a 12 16 Quantity {thousands oi cans per 1,rear) a» Draw.r only.r the objects specified in The question. Question is complete. Tap on the red indicators to see incorrect answers. ® «’5 Review Test - tittiesle‘t.r Hatten - Internet Explorer AEIEI «045W [email protected] I'l—|_I eras} mmwebazp £Pa1du’alhiin—Lisha1lnFr... “Welmneleacebndt—Lng... OWWMM... J. is' Fit'lnli ipIES {if EI::::::r'I0tT1ii Review Quiz: Week 3 Quiz 40 pts Score: Dot2pts { 13 ofzov E Test Score: 0%, Dof40pts ® Chapter Problem 7 {1' The table shows some of the costs of production for Meg's Nails. The nail market is a perfectly.r competitive market. Total Average Average Average product fixed variable total Marginal At a market price of $86.01 a box, Meg's produces lhouea CDSt CDSt cost 305‘ ‘ _ per day} [dollars per box] if Exes 0: "13':- _ I I 1 r550 54.00 133.05 nswer o ecima p ace. 4000 In the short run, Meg's maximizes its profit and makes an economic profit‘ of$ 230‘ 2 3-9-50 “.00 35-50 31 99 a day. I >=> Answer with a positive number. 3 2633 42.00 5833 30 01 In the long run, firms the nail market 4 19.?5 39.00 58_T5 53* ’3" “‘6' 5 15 50 35 20 54 on” 35.00 .- ._ E. neither enter nor eXIt 4302 . eXIt 5 13.1? 39.00 52.1ir 50.01 T 11.29 42.00 53.29 88.01 8 8.88 4?.50 52.38 Question is complete. Tap on the red indicators to see incorrect answers. 1—:- Review Test - lilies-Jet.r Hatten - Internet Explorer ngll .madird .mmedeenh’PlayerTestaspx TrestResultId = w U httpsfluwn-n EIEBitfiengwfiBBIdsmb acme Immutamm I'l—|_I a a a. )3 1% "mm Elma-3 .Delhr @mm'flebtp gPanduaRacin—Lermmfi... [imam—Lag... Guammanmmdmifi... h &v Principles CIT El l'lOl't J} Review Quiz: Week 3 Quiz 40 pts 8.558 Score: 0 of2 pts { 14 Orzo v p. Test Score: [1%, 0 did!) p15 ® Chapter Problem 1 {I Herridtl’s is. the only veterinary clinic in a remote village. The finn's total fixed cost is Price and coal (dollars per visit) a $500 a day and marginal cost is zero. The table gives the demand schedule for visits. 12“" Price Quantity ‘ {dollars per visit} [visits per day] 100-- 100 El _ 80 4 en a 30‘ £10 12 - 20 16 504 El 20 Draw the finn's demand cunre. Label it D. .. Draw the fin'n's marginal revenue curve. Label it MR. 40" Draw the fin'n's marginal cost curve. Label it MC. . Draw a point at the profit—maximizing price and output. 3- 3E! - 1:111111111111111ilIIIIIII l A a 15 3 Correct answer: Your answer: Quantity {visits per day} i Price and cost (dollars per visit) Price and cost (dollars per visit) 12 the objects specified in the question 1 2 0 ® _, v a 12 16 - G- 4 a 12 16 2E} 24 ‘ ’ fir rantihr .ruieile nor (lain nrrnniihr .r-uieile nor pram 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; "ml-ha Elmo; Idem. Emm'flebfitp gpanduanadu-Lisla-umfi... fimmFacebudc-Lag... gammaanmmdmfi... 1435' Principles Ell EIIiIZIll'IUlT ll 1 l: :- Review Quiz: Week 3 Quiz 40 pts c058 Score: 00f2pts 4 14of207 p Test Score: 0%, 00140 pts ® Chapter Problem 1 {1' Herriott’s is the only veterinary clinic in a remote village. The finn's total fixed cost is Price and cost (dollars per visit) a $500 a day and marginal cost is zero. The table gives the demand schedule for visits. 1 Price Quentin.r {dollars per visit} [visits per day] 1 100 El 30 4 60 8 40 12 20 16 IIII 20 Draw the fin’n's demand curve. Label it D. Draw the fin’n's marginal revenue curve. Label it MR. Draw the finn's marginal cost curve. Label it MC. Draw a point at. the profit—maximizing price and output. UH tEuuuuuuuuuuuu Herriot's economic profit is $ 0" a day. a 15 >=> If the firm incurs an economic loss, indicate the loss with a minus sign. ltthe firm Quanfity {visits per day} earns an economic profit. do not include a plus sign. Ha: Draw only the objects specified in the question QUESllOl‘I l5 complete. Tap on the red ll'ldlCfilOfS 10 see incorrect answers. Q) Wesley flatten , InIern eI rxnlnrer H wwmadvdrmm/SmdervllP\avErTEstraspx’TesIfiEsu\ud=5 Dj a “1‘ @mfllia... I g mill... I'I—|_- {B 5:} {a} . d If Wesle Hatten Runmeduu , MicrsssMWerd If] v 0 \: Decumenn , Mmosortwm Horne Insert PageLayuut Rererenses Marhngs anw Vrcw lfionentehsn v ,3. B Watermark‘ Indent snecrng L1; Bnng Forward |‘:-=v 15 Sue v 3|} (2 Page Carer v 5 pt % Send Eazkward IE3] Margrns ,, Pssrhan Wrap rm Ebsfllmrm Fan: 3h Revieruiz:Week3Quiz 40 pts " .. ‘ . . . ‘ . ‘ .. Scom:Daf2p15 marzov E ® Checkpoint 4 Test A1 For each oflhe loHowing situatiuns in Ca‘ifc mia‘ indrc are whelher or not ‘1 rs an examp‘e of mine drsc rimmauan yes‘ The weekend pnce er a halel mum rs greater Ihan Ihe midweek pnce yes‘ Slam-by passengers can fly at ruwer rsres Ihsn passengers who buy ehckers, yee‘ Culleges charge nulmsstale sludenre a higherlumun Ihan Cahfu an smdems, A cruise lrne sells Ihe secund crurse backed wllhln a year ale 20 percent discuunl An Insulance company charges a hrgher Insurance ra|e [er s Ieenaged .nsle than n charges «or an adult male The price 01 Walter I5 mgher lar a car wash firm man rt rs [M a rsnner, A can phone campany dflers free cane en the weekend A vrdeu stare offels drscnums |a Eludems Ouesl' n is ca mpleie. Tap on me red indi: alars Io see inconed answers. Bag: 11 our JJ A 3 @mwemgmmm Lin-ww- @mwm Ema—"W" 6 III Elih- MM 973;; «’5 Review Test - liliesle}.r Hatten - Internet Explorer AElll ems if; “mm Emma; .oewy @mmmkp EPa'IdtraRaiin—Lbluller... IiwdmnemFacebndc—Lag... Guammaanmmdmifi... J... Ev Principles pf Review Quiz: Week 3 Quiz 40 pts Score: 0 of2 pts { 16 mm 7 E Test Score: [1%, D of40 pls ® Chapter Problem 4 I} Celia's candle factor}.r rents equipment for making candles and hires students. Iotal Average Average Average Marginal Celia pays $171] a day for equipment and $30 a day to each student she hires. Labor product fixed variable total cost . {workers {ca ndles “’5': “’5': “’5': {dol tars per The table shows Celia's total product schedule. per day: per day) [dollars per candle candle} 313‘ 113‘ 5.55‘ Calculate Celia's average fixed cost, average variable cost, average total cost, and 1 ‘15 marginal cost and complete the table. 1.48‘ ‘ ‘ ‘ >=> Answer to 2 decimal places. 2 99 1-H 1-52 3...
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