ECON3101 Microeconomics 3
Tutorial 9
Partial equilibrium
Multiple choice
1. A demand curve will shift out for any of the following reasons except
a. preference for a good increases.
b. price of a substitute falls.
c. income rises.
d. price of a complement

ECON3101 Microeconomics 3
Tutorial 7
Production functions and cost functions
Multiple choice
1. Suppose the production function for good q is given by q = 3k + 2l where k and l are capital
and labor inputs. Consider three statements about this function:
I

ECON3101 Microeconomics 3
Tutorial 8
Profit maximization
Multiple choice
1.
If a price-taking firm's production function is given by q = l , its supply function is given by
a. q = 2pw.
b. q = p/2w.
c. q = 2p/w.
d. q = 2w/p.
2.
If a price-taking firms prod