Economics 101 Fall 1998 Section 3 - Hallam Exam 1 Consider the following data on pizza and lasagna production. Pizzas 90 88 83 75 65 50 30 0 1. Large bowls of lasagna 0 13 24 32 39 44 47 49
What is the opportunity cost of 10 more pizzas when the firm is a
Economics 101 Fall 1998 Section 3 - Hallam Exam 3 Iowa and Kansas can both produce corn and wheat. The following table represents yield per acre for the two states. Corn is measured in bushels (56 pounds per bushel) as is wheat (60 pounds per bushel). Iow
Economics 101 Spring 2001 Section 4 - Hallam Exam 1A (Blue) 1. Consider the following supply and demand curves, D quantity are given by a. b. c. d. e. 2. P = 7, Q = 21 P = 8, Q = 31 P = 4, Q = 15 P = 6, Q = 23 P = 5, Q = 25 35 2P S 4P 1 . The equilibrium
Economics 101 Fall 1998 Section 3 - Hallam Exam 4 1. Marginal revenue measures a. the change in cost required to produce one more unit of output. b. the change in output that can be obtained from one more dollar of expenditure. c. the change in output tha
Economics 101 Fall 1998 Section 3 - Hallam Exam 2 Iowa and Missouri can both produce corn and hay. The following table represents yield per acre for the two states. Corn is measured in bushels while hay is measured in tons. Corn Hay Iowa 120 5 Missouri 10
Economics 101 Spring 2001 Section 4 - Hallam Exam 4 Bonus 1. We say that a firm experiences economies of scale or increasing returns to size when .
2.
What is the shutdown rule for a firm in the short-run?
3.
What are the conditions for a firm to minimize
Economics 101 Spring 2001 Section 4 - Hallam Exam 2A - Blue For questions 1-6 consider the diagram below. In this diagram the price of q1 is $6.00 and the price of q2 is $10.00. Hongli's indifference curves for utility levels of 892 and 714 are sketched i
Economics 101 Fall 1998 Section 3 - Hallam Final Exam 1. Marginal revenue measures a. the change in cost required to produce one more unit of output. b. the change in revenue from the utilization of one more unit of an input. c. the change in output that
Economics 101 Spring 2001 Section 4 - Hallam Final Exam A - Blue 1. Marginal cost measures a. the change in cost required to produce one more unit of output. b. the change in output that can be obtained from one more dollar of expenditure. c. the level of
Economics 101 Spring 2001 Section 4 - Hallam Exam 3A-Blue 1. Marginal physical product measures a. the change in cost required to produce one more unit of output. b. the change in output that can be obtained from one more dollar of expenditure. c. the cha
Economics 101 Spring 2000 Section 4 - Hallam Final Exam Version E - Blue 1. Marginal revenue measures a. the change in cost required to produce one more unit of output. b. the change in output that can be obtained from one more dollar of expenditure. c. t
Econ 101 Exam 4 Spring 2000 Practice Problems 1. Consider two perfectly competitive firms with the following marginal cost functions
MC (y1) 8 5 y1 MC (y2) 8 2 y2
where yi is the output of the ith firm? Firms maximize profit by setting price equal to marg
Economics 101 Spring 2001 Section 4 - Hallam Exam 4A - Blue 1. Marginal revenue measures a. the change in cost required to produce one more unit of output. b. the change in revenue from the production of one more unit of output. c. the change in output th