Chapters 8 and 10 Practice A 1. True/False: "If Jack Daniel's whiskey sells for $10 per bottle and if 1,000 bottles were sold last year, then the total value of those bottles to consumers was $10,000." Explain your answer. 2. #26 on page 267: The American
3550 Quiz 12 F10 Last Name:
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1. (3) In general, what are the three conditions needed for the firm to be able to practice the 3rd degree price discrimination?
2. (7) Suppose a monopolist sells in two distinct markets. The demand
3550 Quiz 12 F10 Last Name:
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1. (3 points) In general, what are the three conditions needed for the firm to be able to do the 3rd degree price discrimination? a. Price setter (have market power). b. Different groups of consumers
3550 Quiz11 F10 Last Name:
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The Denton Oaks Golf Club (DOG Club) is the only golf course in Denton County and as such has monopoly power with demand of: P = 200-2Q. Their Marginal Cost of providing a round of golf is $20. a. (4) What are the
3550 Quiz11 F10 Last Name:
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The Denton Oaks Golf Club (DOG Club) is the only golf course in Denton County and as such has monopoly power with demand of: P = 200-2Q. Their Marginal Cost of providing a round of golf is $20. a. (4) What are the
3550 Quiz 10 F10 Last Name: _
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Suppose Domestic Demand: Pd=12-
1 Q 12
&
Domestic Supply: Ps=1+
1 Q 10
a. (2) Assuming NO international trade, find P & Q.
b. (3) Assuming free trade, Pw=$5, find P, Q, and amounts of exports (or Imports) if any.
3550 Quiz 9 F10 Last Name: _
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Analyze the effect on social welfare of a sales tax Ex) Demand and supply for beer (per sixpack) in Denton can be illustrated by the following equations: (Inverse) Demand: (Inverse) Supply: P = 20
1 Q [or Q = 2
3550 Quiz 9 F10 Last Name: _
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Analyze the effect on social welfare of a sales tax Ex) Demand and supply for beer (per sixpack) in Denton can be illustrated by the following equations: (Inverse) Demand: (Inverse) Supply: P
Before Tax or Subs
3550-Quiz 8 F10 Last Name:
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The demand for ream of printing papers is given by QD = 1000-50P. Printing paper is produced in a perfectly competitive industry with constant cost. Each paper company's short run total cost curve is given by STC=25+
3550-Quiz 8 F10 Last Name:
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The demand for ream of printing papers is given by QD = 1000-50P. Printing paper is produced in a perfectly competitive industry with constant cost. Each paper company's short run total cost curve is given by STC=25+
3550 F10 Quiz 7 Last Name:
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1.
Assume a firm is operating on its expansion path in the short run: Q = 61/2*L1/2*K1/2 Where: K is fixed at 10, L = 15, Q = 30, MRTS = 2/3, PL = $40, PK =$60 (3) Graph their production isoquant and isocost curv
3550 F10 Quiz 7 Key
1.
Assume a firm is operating on its expansion path in the short run: Q = 61/2*L1/2*K1/2 Where: K is fixed at 10, L = 15, Q = 30, MRTS = 2/3, PL = $40, PK =$60 (3) Graph their production isoquant and isocost curves, label all releva
3550 F10 Quiz 6 Last Name:
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1. (5 points) Suppose you are hired as a new manager of a firm producing 20 units of output with 10 units of labor and 4 units of capital. Assume the price of labor is $60 and the price of capital is $100. K
6
d
c
3550 F10 Quiz 6 Key 1. (5 points) Suppose you are hired as a new manager of a firm producing 20 units of output with 10 units of labor and 4 units of capital. Assume the price of labor is $60 and the price of capital is $100. K
6
d
c b
5 4.4 4
a
Q = 20
3550001 F10 Quiz 5
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(True/False) 1.(2 points) The short run is any period of time less than one year, while the long run refers to a period of time one year or more in length. Explain your answer.
2. (8 points) Assume Johnso
3550001 F10 Quiz 5
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(True/False) 1.(2 points) The short run is any period of time less than one year, while the long run refers to a period of time one year or more in length. Explain your answer. False. It depends on the in
3550 F10 Quiz 4 Last Name:
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1. (4 points) Consider the following: a. (2) Is it possible for all goods a consumer buys to be normal? Explain.
b. (2) Is it possible for all goods a consumer buys to be inferior? Explain.
2. (6 points) Consider the
3550 F10 Quiz 4 Last Name:
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1. (4 points) Consider the following: a. (2) Is it possible for all goods a consumer buys to be normal? Explain. Yes, there is no problem to spend more money on each good when you have more income.
b. (2) Is it possi
3550 F10 Quiz 3
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1. (10) Suppose that the Margie spends her monthly income of $90 on books and "all other goods (AOG)". The price of book is $5 and the price of "all other goods" is normalized to $1. She currently maximizes her utili
3550 F10 Quiz 3
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1. (10) Suppose that the Margie spends her monthly income of $90 on books and "all other goods (AOG)". The price of book is $5 and the price of "all other goods" is normalized to $1. She currently maximizes her utili
3550 F10 Quiz 2 Last Name:
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1. Assume Paula consumes Gasoline (PG = $5) and Water (PW = $2) and has an income of $120. a. (3 points) Graph Paula's budget constraint below noting the relevant intercepts (putting Gasoline on the horizontal axis).
Econ 3550 Fall 2010 Quiz 2 Key
1. Assume Paula consumes Gasoline (PG = $5) and Water (PW = $2) and has an income of $120. a. (3 points) Graph Paula's budget constraint below noting the relevant intercepts (putting Gasoline on the horizontal axis). What is
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Practice Exam 2 ECON 3550 / 5030
Please show all your work and explain your answers. Without an explanation for your answer, you will not receive credit. Clearly label all graphs for full credit and please write legibly.
A. True / False _F_ 1.
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Practice Exam 2 ECON 3550 / 5030
Please show all your work and explain your answers. Without an explanation for your answer, you will not receive credit. Clearly label all graphs for full credit and please write legibly.
A. True / False _ 1. If a f
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Practice Exam 1 - Key ECON 3550 / 5030
Please show all your work and explain your answers. Without an explanation for your answer, you will not receive credit. Clearly label all graphs for full credit and please write legibly.
A. True / False _F_ 1
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Practice Exam 1 ECON 3550 / 5030
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A. True / False _ 1. When t
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Practice Final Exam ECON 3550 / 5030
Please show all your work and explain your answers. Without an explanation for your answer, you will not receive credit. Clearly label all graphs for full credit and please write legibly. 1. Jason's monthly inco
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Practice Final Exam ECON 3550 / 5030
Please show all your work and explain your answers. Without an explanation for your answer, you will not receive credit. Clearly label all graphs for full credit and please write legibly. 1. Jason's monthly inco
Chapters 11 and 12 Practice Answers * For more practice, do the Practice Final Exam! * 1. Two identical firms face a market demand curve of: P = 200 2Q. Their marginal cost of production is a constant $24. Assume that firms can produce partial units.
a. S