The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 2, 2016
Tutorial 4: Chapters 3& 4
1. Suppose the government subsidizes the purchase of therm
Mock exam questions for the Mid-semester exam for ECON7110
Semester 2, 2017
ANSWER ALL QUESTIONS IN THE ANSWER BOOKLET. YOU MUST DRAW
ANY RELATED DIAGRAMS WHEREVER POSSIBLE.
Question 1.
A market of ho
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Chapters 9 and 11
1. Suppose that your demand curves for gadgets and widgets a
Mock exam
Final ECON7110
sem 2, 2016
1. The only two goods you consume are X and Y. Y is an inferior good. Suppose
that the price of X goes down.
a) Illustrate the subs
ECON7110
Mock Final exam
Question 1.
If input prices are w = 4, and r = 1, and q = 4K 0.5L0.5, what is the least
cost input combination required to produce 40 units of output?
Suppose instead that cap
Solution to the selected Textbook Questions
Chapter 4: Consumer Choice
4. Assume other goods (X ) are on the vertical axis and fuel (F) is on the
horizontal axis. Let Y represent income. The budget li
MOCK MID-SEMESTER EXAM
(Including chapters 2,3,4, and 5)
ECON7110,
Semester 1, 2017
1. Demand for park visits is Q*0 = 10,000 100P. If park visits are free, how many
visitors will attend? How will you
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Solution of Chapters 9 and 11
1. a. From buying the widgets
b. A gadget.
c. S
Mock Exam
ECON 7110
Sem 1, 2017
The manager of a firm receives an engineering report claiming that an additional hour of
capital would add twice as much output
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 2, 2017
Chapter 11
1. Assuming that a monopoly faces a straight-line negatively sloped
dem
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Chapter 6
1. By studying, Will can produce a higher mark, Gw, on an upcoming
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Chapter 7, Competitive Firm
1. Explain why a firm's long-run total cost is no
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 2, 2017
Competitive Firm and Chapter 9
1. Suppose you are the manager of a watchmaking
Solution to the MOCK MID-SEMESTER EXAM
ECON7110
Semester 2, 2016
1. Suppose the market for potatoes can be expressed as follows:
Supply: QS = - 20 + 10p
D
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Chapter 7
1. Suppose that the government subsidises the cost of employing
apprentices
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Solution of Chapter 7 & Competitive Firm
1. A firm has more flexibility in th
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Solution of Chapter 7
1. The price of labour (w) faced by the firm is now lower
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2016
Solution to Tutorial 2: Chapter 2
1. The supply curve of the LE product will be
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2016
Tutorial 2: Chapter 2
1. Many brands offer a limited edition (LE) of their produc
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2016
Tutorial 3: Chapters 2& 3
1. The demand function for roses is Q=a-bP, and the su
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2016
Tutorial 1 (Solution): Basic Mathematics Review
1. Simplify the following algebraic
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Tutorial 2: Basic Mathematics Review
1. Simplify the following algebraic expressions
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Solution to Tutorial 6: Chapters 4& 5
1.
Initially, the consumer is on b
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Tutorial 5: Chapters 3& 4
1. Assume that the supply curve in perfectly elastic and
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Tutorial 2 (Solution): Basic Mathematics Review
1. Simplify the following algebraic
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Tutorial 6: Chapters 4 &5
1. Suppose that the price of gasoline has risen by 50%.
The University of Queensland
ECON7110: Consumer and Firm Behaviour
Semester 1, 2017
Solution to Tutorial 4: Chapter 3
1. Differentiating the demand function as Q =
MOCK MID-SEMESTER EXAM
(Including chapters 2,3,4, and 5)
ECON7110,
Semester 1, 2017
1. Demand for park visits is Q*0 = 10,000 100P. If park visits are free, how many
visitors will attend? How will you