MANAGERIAL ECONOMICS EXAM 1-12 QUESTIONS
1. The following two linear
functions represent a market (thus one is a supply function, the other a demand function). Circle the answer closest to being correct. Approximately what will suppliers willingly supply if the government controls the market price to be $3.00 ( find the market equilibrium price and quantity in order to see how the $3.00 relates to them)?
Q = 100 - 4.6P and Q = 75 + 6.2P
2. There has been a change in the market (represented in 1 above). The change is represented by the following two equations. Circle the one correct conclusion that describes the market change.
Q = 90 + 6.2P and Q = 110 - 4.6P
3. What function represents the marginal revenue (MR) function for this demand function: Q = 75 - 7P
4. Circle the quantity that maximizes total revenue (TR) for the marginal revenue (MR) function selected in number three (3).
5. If supply decreases but demand remains the same, we can conclude that the new equilibrium:
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