2009Final_12112009-1 - Name Date Microeconomics 2010 final...

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Version 1 Page 1 Name: __________________________ Date: _____________ Microeconomics 2010 final, sec. 300. Fall 2009 (Version 1) The exam has 123 questions. Make sure you have all 123 questions (28 pages) 1. If the price of tacos increases from $1 to $2, and customers decrease their consumption from 10 tacos to 8 tacos, what is the price elasticity of demand, using the midpoint method? A) 1/2 B) 3/2 C) 1 D) 1/3 2. A cost that does not depend on the quantity of output produced is called a: Use the following to answer question 3: Figure: Marginal Product of Labor
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Version 1 Page 2 3. (Figure: Marginal Product of Labor) Using the marginal product of labor curve in the figure, the total product of labor for three workers is: 4. An external benefit is a(n): 5. To produce 10 deep-fried cats one must choose an input combination on the isoquant for 10 deep-fried cats. A) True B) False 6. Consider the total quantity of goods produced. Consider bundles A and B, where B contains all that is in A, plus some more goods. Bundle A is necessarily less efficient than bundle B A) True B) False 7. Total revenue is a firm's: A) total output times the price at which it sells that output. B) change in revenue resulting from a unit change in output. C) ratio of revenue to quantity. D) difference between revenue and cost. 8. Average total cost is:
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