ECO182 - Review for Exam 2

ECO182 - Review for Exam 2 - ReviewforExamII ECO182...

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Click to edit Master subtitle style  10/11/10  ECO 182:  Review for Exam II Introduction to Microeconomics   ECO 182: Introduction to 
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 10/11/10  ECO 182:  Question 1 The  wage  rate  is  w  =  $45  per  labor  unit.  The marginal products of the first four labor units hired by a firm are 2, 3,  4 and 6 output units per labor unit respectively.  Approximately, what is the firm’s marginal cost of producing its 4th output unit? A) $11.25 per output unit. B) $15 per output unit.  ECO 182: Introduction to 
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 10/11/10  ECO 182:  Question 2 The price elasticity of demand for bottled water in Texas is -2, and the price elasticity of demand for bottled water in Missouri is -0.8. In other words, demand in Texas is __________ and demand in Missouri is __________. A) elastic; inelastic B) inelastic; elastic C) elastic; unitarily elastic  ECO 182: Introduction to 
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 10/11/10  ECO 182:  Question 3 If demand is linear (straight line), then price elasticity of  demand is: A) Constant along the demand curve B) Inelastic in the upper portion and elastic in the lower  portion C) Elastic in the upper portion and inelastic in the lower  portion  ECO 182: Introduction to 
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 10/11/10  ECO 182:  Question 4
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This note was uploaded on 10/10/2010 for the course ECO 182 taught by Professor Morgan during the Spring '08 term at SUNY Buffalo.

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ECO182 - Review for Exam 2 - ReviewforExamII ECO182...

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