Exam II Spring 05 - Econ Zlflfiffiptring EMS Examfl...

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Unformatted text preview: Econ Zlflfiffiptring EMS Examfl Prof. Usha NairnRjeid'lert Name éflflwkmflw CL MULTIPLE CHOICE. Cl'lflme the one alternative thal hast mpldes [he statement or men the queefian. mindifidualfinnsfamahofizxmtaidflnnndmweata mmarkeiprim, Flaw-WE 1} C/ Of“ A ‘neisequnltomarginajrwmue. oelsequalwaveragetalalmet. 'miaeguflmmgilmlmfit. .._,. ' isequaltuavemgevariablemat. (alt-1,25 Quarry sens 151:1]th stone in a perfefly mm 'five At ita currmt level ofbuilding 2] g _ produefimekny'smamyhafi meteequaltow,emiflisfllfflmmmhet prime of building stem is $50, Jen-re marry sl-mfld: t dawn and produce m) building stone. hmarse its productiunuf building shone. den-me its level ocfbrufldjngetmm production. Mme predueh'lg its omen: level of productim we :» me 'nfixminaperfecflymflflvemmlmtismnmflypmduflgflmmflpflwhtepfim= 3} C/ ' -. Dost=avlfiragetotalmshthefilmia¢ -' mmficloss. .. ' apoaitiveemnnfldcpmflt. ‘ razememnomjepmfit. a. afluffl'leabwe -. 6‘3. wagetotalmet}avmgevafiablemet>pflm,aprufitmandnfizzingfirminaperfecfl 4} “Le“ pefltivemarketsl-mld: '“_"" '_—'—“-—-I -seitscutputlevelmrnirdnfieeiieloee - tepmduneiteeurmfimflputleve]. - uftheabnve . .maybeforeedtouselempmduefiveinpufi» W5 _ k 3/ Aandflaremd. Iii-x L _______,___ . - i Ki» 5} difiermbemmflmshmtrmarflflelmgrmiaflfltpefimflymmpefifivefims: 6} A ._-__ M —._.... 'l ' earnpasifivgmgaflvqmzememnnmicpmfithfltflnflmbutwflemm ’r. economicpmfitmthelmgrum -_J."-?-= wayeemn positiw enmmtic pmfitmthaslmtnmbetmerinflwlmgm .31“: wayseammore emficmfitmflmlmm. __ :fifi amzero emrurmfi:pmfitintheshaflrmyhutwflleampasifiveemmmfiepmfitinfllelong __..#——-——'—"" \ T) b.- .1:- small? flatterthanflledmmd meflmfamaperfecfly compefitivefimt. E a E 3 3 HIE-“IWND . 4 a 3 'J' 2 s ‘2. l 3 1 9 | U “I” r. q ‘34 :i Tablelii 31:1 ’2; it! [' _ B] RehmTable HLMMH‘EW' 'pbetwemtlepfiaeflutfikdysdmgeafma 8'] D pmdudandfimqumfiiynfflmipududfiflfihdysmfllafinmugfiflmthflfihd}: moaimimmaelllngthefiflhmitufwwls: ' ,becaunefl'satisflBpficepuurdthmflput'flmlGladysremim. Lbecmmefihdyssaflsunemoremfitofoutpxflfianshewmfldatapliant-offliwl'flnshemld "Ilka. ,bemusefiafltisflumlanfilyfllatfladysfieflfi. - LbemumGladysm$1mmmmbymmngiwmflputmfiwudmfimfimfl ‘ units. (L 4 9] Farammflpaliahmarginfl mama foraflurfltsafuutputexceptflufimuflt. 9} : fidflumflmmmflmhpfimufim | greaterflaanthepmmofuutput IEEEflmlthL-pnneufuumut v LL.- lsequaitufimpfimofoutptfl D ME. _____ A mmnpnlisl‘s demami me _____________________________ ,____L______L______L_-----p-----4------ ______J_ Figurellz Ilfl} Figure112mgmompollstsdmmldme.Suppmethatthenmghmlmsfisffififmaflunfls 1D} E E DIILD - -. themeulputleveliseurfimmmwhatwauldywmmmmflmthefirm? -‘ ‘mainflmecuflentpflneandoutwfilevel. ‘.efllepfieetu$ellfeweruflts. [WU-ll ‘rfWCa “if — - ismsuffieiem biomnfiun. inn"?- VW' O 4. flelangrmflemfinmthatampnfiaimeampmfiwmmficpmfiflwlfilea 1-1} 13.2! -mmbarfimmermyinaperfecflycmnpefifivemarket 9’ y compem-ive firms- iace greater oppocmmity mm. -- mmDpolist faces an inelastic demand for its product. £44m; must I-m'e very ' preferm'me for the product. ' ' 4 .mustl'HVeeeuEfieimfly/lyranmntufmuketpmer. -yf mustbeextremdydlfflcuI-l, Ermimpnesible fornnemnmmbnreeeflapmductto _a:wther 'f-‘auaftlmbove 13} Hweohuwnfimmgaginghptimfiflflfimfiflhflmbemflnt firmearmldglmrpmfitspermfitflunit wmfld hmemmdiflt chargeda single paioefior [21'de mummmwumuwmmmfinwamm fm‘theprodud. firmmidfltfiflrflnprefierflmofmmitm oftl'ueabwemcurrect. Iflhwmflfl,flu€mmanymflbeslnpmudmfifirgmmflidafimlmfieehtm slunplncatedinadifiermtplanearmmdflledtyltisiikdylmfimflmpinwmflfl, FE _ ° W 1* m1: mkmmmn ‘mflymmpefifimmm market. market. mpetifivemaflmt. 15] HWWCWEMmmflmmfmfiminnmufififimflymmpeflflw mammflnlcmgnmweexpenl: = pefingfirmstomtuthemarkfllmisdlflinflarpmdum :' _- demandmeforfh‘mhflumarketmaflfimfinfigh. ' ' burfimtoprevaflmmpefimfimmflnmuflefingflflnmm .: mt mtegially. mnditinra that J - averagemaflmnmbedUanmdfloping. “W \/ 13} L311 {I} Marginal revenue 200 Figure 15.1 19) Figure 15.1 straws a sumsfifl pfioewfixirlg arrangenlent {cartel} m We idmflcal Em Iftl'le 19} i % carbflceflapsesmflthatwufimemmpeteagamsieacheflm,flmpdmwfl1be andthe anfitjrwfllbe ;sma]JEl' wengreater Wm @wefimflflm 21]} Consider Figure 15.3. Becky's dmrflnam amtegyis and David‘s dominant 511311353? is 20] D 21} Cmsidm-FigurelfifiHBecky‘spayofiinfl'eaemndmctanglefiomflmmwmgfihfiteadaffiO, 21} O meantmme ofthegamewmfldbethat: . gm i\ _ it; t imream the quantity demanded. I”)! Ell: - -ljketohaveflem'bflityinmfingpfines. TRUEIFAISE. Write 'I" if flat aim: is firm unl‘F' if [he adamant is false. 25; A 25} Ammumpolist charges aifigl-mpdaefimnanimecummmpofist. A) Tm 53 Fake, “W7 WSCW“ M9913 MULTIPLE CHOICE. Cl'lum the one altermttire that blfil‘. complete-s the mm of mm the quealiml. 541.0110 I Q Figure “5.2 26}Cmflidflanum'egtdatedmonopflyinfigure1&25uppmflatammdfirmmflwmket 216} (2') Asamkfiflhe mmmmmmmmm—mawm thefimtfllflthefiemdfimlmakeposifiwemrmdcmfim 4 - ismsuffidemmformafiml. 2?] mim-avmagermlpfiflg.minmmfllemmmpofim‘apmducfimmWflk 21?] E2 I afiedimpmfitbemusctlmgovmadhmflurfiguhwdpfiueequflmflmmage 00151:. its prafithrcametherrmpnlist mnreduuetheammgemstm a gum-mercutpfllevd‘. thhflflbOVE pddngmwflampdjstchaxgma: '28} i; 2;] For} nnfim'lto have a mmparalive adwntagae in a good itth have: 29} .1 2 For qwflfms fluffilflaw, refir to {he ifljbflflflfim mm in Table 19.1 {W}. . | Miami ‘ Z ”P Table 19.1 - Daily Ora-[put magnum am] Poland , Scotland Poland lbp" {1 an- Bagpipe-s 541 T5 Anmrdians 25 150- Ibp~ 26“”L 30] ' a-u buTable 19.1 SccrflandlaaSammparaflveadvanmge 30} 'JI‘F: ’pes. -' .Ll -.. amimmmrbagpflpEE. ”mmmbfigfip‘fi 311Mwhale,nafiurnsarebeflerufiaflerlmdeandspedafimtianbecausz 31] I : fir none experimanoutwardsldfluftheirpmducfimpcsaibfljfies me. ..- mmflmgfleirmwmpfimlpmfibflififlmwlfidlismdeuffllfir - udionpoasibififiescme. fimmfim‘gflfitWMpflflfifififlmfiWfidlhmfldflfiflmfi prududionpmbflifieame. 0115 mm along tl'lflix producfinn possibilities. curve, wl'tid'liscrutaideoffl'lecir mumpfimposfibifluesme. 32) Wi-flchoiflmeioflowingaimfimawiflmiseinfllednmesficmadcdfuflnwingfllaimpositimufa 32)‘ { E E E: g l E I; - '.havesupedormiormafimmmmmfingflwflfikdflhmmhjmyuffimimmed. a I'm-are mpfimhflmafionmnmfingflmirfiskafiflhmmhw. '.- probabifityofbemnfingfllmflflmedjsumdatedmfilehmedpmfsmwpafim r-msmanoemmpmsmdhuymabmhhaveequalnflmmafimmmfingfiafiskafflhfisa 'urinjmyofthmeinsured. MJSuppmebuyasmflmumdmmarkdmwfllhlngEWMEIa ‘ ‘ lusedcar 34? f I andfiifimmralmmnflaw-quafitylumdw Ifbuyers mdmmtI-I: “mom—"Elma? q 3, what wauld may be flfingtu Farmland m -——-~ .. an» L ”P .2 (510953} T - ”~29; 6’ 36110} 8 all l @450 a $1,551.) mfiwnllwfinnmhmdmwmumIflMwwmhnphm 35} a Mummfihammpmfimmuhmmflumd hwmmhmmmggrmmwdmmmwmm 35} mm: 36] dun-HI— ...
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