Problem 01-03
Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations:
B(Q) = 100 + 36Q 4Q2 and C(Q) =80 + 12Q.
(Note: MB(Q) = 36 8Q and MC(Q) = 12.)
Instructions: Use a negative sign (-

award:
0 out of
10.00 points
Problem 01-03
Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations:
B(Q) = 100 + 36Q 4Q2 and C(Q) =80 + 12Q.
(Note: MB(Q) = 36 8Q and MC(Q) = 12.)
Instruc

award:
0 out of
10.00 points
Problem 02-09 (Algo)
The supply curve for product X is given by QXS = -440 + 20PX .
a. Find the inverse supply curve.
P = n/r
+ n/r
Q
b. How much surplus do producers receive when Qx = 420? When Qx = 980?
When QX = 420: $n/r
W

10.00 points
Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 500 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers r

10.00 points
Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 500 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers r

Problem 01-04 (Algo)
A firm's current profits are $850,000. These profits are expected to grow indefinitely at a constant annual rate of 5 percent. If the
firm's opportunity cost of funds is 8 percent, determine the value of the firm:
Instructions: Round

0 out of
10.00 points
Problem 01-04 (Algo)
A firm's current profits are $800,000. These profits are expected to grow indefinitely at a constant annual rate of 5 percent. If the
firm's opportunity cost of funds is 8 percent, determine the value of the firm

award:
0 out of
10.00 points
Problem 02-09 (Algo)
The supply curve for product X is given by QXS = -440 + 20PX .
a. Find the inverse supply curve.
P = n/r
+ n/r
Q
b. How much surplus do producers receive when Qx = 420? When Qx = 980?
When QX = 420: $n/r
W

award:
0 out of
10.00 points
Problem 02-09 (Algo)
The supply curve for product X is given by QXS = -440 + 20PX .
a. Find the inverse supply curve.
P = n/r
+ n/r
Q
b. How much surplus do producers receive when Qx = 420? When Qx = 980?
When QX = 420: $n/r
W

Problem 02-09 (Algo)
The supply curve for product X is given by QXS = -340 + 10PX .
a. Find the inverse supply curve.
P=+Q
b. How much surplus do producers receive when Qx = 350? When Qx = 1,000?
When QX = 350: $
When QX = 1,000: $
check my workreferences

Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 380 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers receive when P

Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 380 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers receive when P

10.00 points
Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 500 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers r

Problem 03-11 (Algo)
Revenue at a major cellular telephone manufacturer was $1.8 billion for the nine months ending March 2, up 75 percent over
revenues for the same period last year. Management attributes the increase in revenues to a 138 percent increas

Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 300 - 2PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers receive when P

Problem 01-11 (Algo)
Youve recently learned that the company where you work is being sold for $275,000. The companys income statement indicates
current profits of $10,000, which have yet to be paid out as dividends. Assuming the company will remain a goin

Problem 01-15 (Algo)
Approximately 14 million Americans are addicted to drugs and alcohol. The federal government estimates that these addicts cost
the U.S. economy $300 billion in medical expenses and lost productivity. Despite the enormous potential mar

Problem 04-06 (Algo)
In the below figure, a consumer is initially in equilibrium at point C. The consumers income is $500, and the budget line through
point C is given by $500 = $50X + $100Y. When the consumer is given a $50 gift certificate that is good

Micro Chapter 4
Willingness to Pay and Demand Curve
Individual consumer surplus=willingness to pay- price paid
found by area under demand curve, but over price
Producer surplus and Supply Curve
Cost: lowest price seller is willing to go
Producer surplus:

Micro Chapter 6
Elasticity
responsiveness to change
price elasticity of demand
A= deltaQ/intitialQ
B=deltaP/intitialP
Quanity, Price
A/B= price elasticity of demand (q/p)
Law of demand: as price goes up, demand goes down
An alternate way:
midpoint method

Micro Chapter 5
Price Ceiling: price can't go above
binding if below equilibrium
inefficiencies:
creates shortages
deadweight loss
consumers willing to pay more don't necessarily get item
wasted resources: people use resources to find shortage
forced low

MIcro Chapter 3
Supply and Demand a Model of a competitve market
competitve market: many buyers/sellers for same good
5 keys of supply and demand model
1) demand curve
2) supply curve
3) set of factors that cause the demand/ supply curve to shift
4) marke

Chapter 1
The invisible hand
economics: social science that studies the production distribution and consumption of goods
and services
market economy: production and consumption are uncentralized
command economy: central authority that controls production

Micro Chapter 2
Model: oversimplified representation of reality
assumes other things are equal
Production Possibility Frontier
graph of tradeoff between quantity between 2 items
efficiency: the line of the graph
under is inefficient
over: only possible wi

Midterm 1 fall 2015 Intro to microeconomics Name: _
1. 10. What four questions must any society answer?
What will an economy produce?
How will goods and services be produced?
Who will produce which goods and services?
For whom are economic choices coordin

Intro to Micro
Fall 2016
220:102:10
Version A
1. The incidence of a tax:
A) refers to how much of the tax is actually paid by consumers and
producers.
B) is a measure of the revenue the government receives from it.
C) is a measure of the deadweight loss f

The Public Good and the Public choice
Private choice
Public
A good choice brings rewards a bad choice brings a punishment.
The Public choice will affect everyone
Govt wants to maximize social well-being. When govt intervenes in rental housing they create

Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 520 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers receive when P