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Econ 301

question
$3270 million
answer
Suppose the growth rate of the firm's profit is 7% the interest rate is 9% and the current profit the firm are $60 million. What is the value of the firm?
question
3
answer
Suppose total benefits and total costs are given by TB=90Y-8Y^2 and TC=7Y^2. What is the optimal level of Y that maximizes net benefits?
question
profits of business
answer
Which of the following signals to the owners of scarce resources are the best uses of those resources?
question
scarcity fo goods available
answer
Consumer-consumer rivalry arises because of...
question
less than zero
answer
Suppose the demand for good X is given Qxd=10+axPx+ayPy+amM. From the law of demand we know that ax will be...
question
the lower the consumer surplus
answer
Other things held constant, the greater the price of a good...
question
price will increase but quantity will decrease
answer
Suppose you produce wooden desks, and govt. legislation protecting the spotted owl has made it more expensive for you to purchase wood. What do you expect to happen to the equilibrium price and quantity of wooden desks?
question
4000
answer
Compute the present value of a preferred stock that pays, in perpetuity, an annual cash flow of $200 at an annual interest rate of 5 percent.
question
a price floor
answer
the minimum legal price that can be charged in a market is...
question
relatively inelastic
answer
When a one percent change in price causes a change in quantity demanded less than one percent, demand for the product is...
question
the demand for the product is price inelastic
answer
If a firm increases the price of its product and finds its total revenue flow also increases, then...
question
-9.47
answer
Suppose Qxd=10,000-2Px+3Py-4.5M, where Px=$100,
Py=$50, and M=$2000. What is the income elasticity of demand?
question
All of the above statements are correct
answer
Which of the following is a correct statement about the own price elasticity of demand?
question
elastic
answer
Suppose the demand for good X is lnQxd=21-2.8lnPx-1.6lnPy+6.2lnM+0.4lnAx. Then we know that the own price elasticity for good X is...
question
increase advertising by 4 percent
answer
You are the manager of a popular shoe company. You know that the advertising elasticity of demand for your product is 2.5. How do you change the amount of advertising in order to increase demand by 10%?
question
20
answer
Suppose the production function is given by Q=min{3K,4L}. How much output is produced when 10 units of labor and 16 units of capital are employed?
question
11
answer
Suppose the production function is given by Q=3K+4L. What is the average product of capital when 5 units of capital and 10 units of labor are employed?
question
MPk/r=MPl/w
answer
A firm using two inputs (call them "capital" and "labor") has an efficient combination of capital and labor levels when...
question
the firm should reduce the number of workers employed
answer
Assume a firm employs 10 workers and pays each $22 per hour. Also assume that the marginal product of an 11th worker would be 5 additional units of output per hour and that the price the firm receives for its good is $4 per unit. In the short run...
question
MPl=20, MPk=40, w=$16, r=32
answer
Which of the following sets of economic data is minimizing the cost of producing a given level of output?
question
$149
answer
For the cost function C(Q)=100+14Q+9Q^2+3Q^3, what is the marginal cost of producing 3 units of output?
question
50
answer
For the cost function C(Q)=200+3Q+8Q^2+4Q^3, what is the average fixed cost of producing 4 units of output?
question
C=20-4Q1Q2+8Q1^2+6Q2^2
answer
Which of the following cost functions exhibits cost complementarity?
question
0.85
answer
There are five firms in industry A with sales at $4 million, $3 million, $2 million, $2 million, and $2 million, respectively. The four-firm concentration ratio for industry A is...
question
0.7
answer
Having worked for many of the firms in the petroleum industry, you know that the price elasticity of demand for the industry is about -1.05. Moreover, a recent report from an economist in your office revealed that the price elasticity of demand for the petroleum product sold by your firm is -1.5. Based on this information you know that Rothschild index is...
question
$25.00
answer
The chemical industry has a Lerner index of 0.6. Based on this information, a firm with marginal cost of $10 should charge a price of...
question
Dansby-Willig index
answer
Which of the following is NOT considered a measure of firm conduct?
question
Behavior causes firms to have a certain performance
answer
The casual view of the industry believes that...
question
Monopolistic competition
answer
An industry has a four-firm concentration ratio of 5 percent and a Herfindahl-Hirschman index of 73. A representative firm has a Lerner index of 0.43 and a Rothschild index of 0.33. This industry is most likely by a model of...
question
P=MC
answer
Which of the following is true under monopolistic competition in the short run?
question
produce 40 units per time period
answer
You are a manager in a perfectly competitive market. The price in your market is $14. Your total cost curve is C(Q)=10+4Q+0.5Q^2. What should you do?
question
$95
answer
You are the manager of a monopoly that faces an inverse demand curve described by P=170-25Q. Your costs are C=15+20Q. The profit-maximizing price is...
question
monopolistically competitive market
answer
Differentiated goods are a feature of a...
question
$16 per unit
answer
Suppose a monopolist knows the own-price elasticity of demand for its products is -4 and that is marginal cost of production is constant MC(Q)=12. To maximize its profit, the monopoly price is ...
question
$50
answer
Suppose that initially the price is $50 in a perfectly competitive market. Firms are making zero economic profits. Then the market demand shrinks permanently, some firms leave the industry, and the industry returns to a long run equilibrium. What will be the new equilibrium price, assuming cost conditions in the industry remain constant?
question
changes in marginal cost may not affect prices
answer
The Sweezy model of oligopoly reveals that...
1 of 36
question
$3270 million
answer
Suppose the growth rate of the firm's profit is 7% the interest rate is 9% and the current profit the firm are $60 million. What is the value of the firm?
question
3
answer
Suppose total benefits and total costs are given by TB=90Y-8Y^2 and TC=7Y^2. What is the optimal level of Y that maximizes net benefits?
question
profits of business
answer
Which of the following signals to the owners of scarce resources are the best uses of those resources?
question
scarcity fo goods available
answer
Consumer-consumer rivalry arises because of...
question
less than zero
answer
Suppose the demand for good X is given Qxd=10+axPx+ayPy+amM. From the law of demand we know that ax will be...
question
the lower the consumer surplus
answer
Other things held constant, the greater the price of a good...
question
price will increase but quantity will decrease
answer
Suppose you produce wooden desks, and govt. legislation protecting the spotted owl has made it more expensive for you to purchase wood. What do you expect to happen to the equilibrium price and quantity of wooden desks?
question
4000
answer
Compute the present value of a preferred stock that pays, in perpetuity, an annual cash flow of $200 at an annual interest rate of 5 percent.
question
a price floor
answer
the minimum legal price that can be charged in a market is...
question
relatively inelastic
answer
When a one percent change in price causes a change in quantity demanded less than one percent, demand for the product is...
question
the demand for the product is price inelastic
answer
If a firm increases the price of its product and finds its total revenue flow also increases, then...
question
-9.47
answer
Suppose Qxd=10,000-2Px+3Py-4.5M, where Px=$100,
Py=$50, and M=$2000. What is the income elasticity of demand?
question
All of the above statements are correct
answer
Which of the following is a correct statement about the own price elasticity of demand?
question
elastic
answer
Suppose the demand for good X is lnQxd=21-2.8lnPx-1.6lnPy+6.2lnM+0.4lnAx. Then we know that the own price elasticity for good X is...
question
increase advertising by 4 percent
answer
You are the manager of a popular shoe company. You know that the advertising elasticity of demand for your product is 2.5. How do you change the amount of advertising in order to increase demand by 10%?
question
20
answer
Suppose the production function is given by Q=min{3K,4L}. How much output is produced when 10 units of labor and 16 units of capital are employed?
question
11
answer
Suppose the production function is given by Q=3K+4L. What is the average product of capital when 5 units of capital and 10 units of labor are employed?
question
MPk/r=MPl/w
answer
A firm using two inputs (call them "capital" and "labor") has an efficient combination of capital and labor levels when...
question
the firm should reduce the number of workers employed
answer
Assume a firm employs 10 workers and pays each $22 per hour. Also assume that the marginal product of an 11th worker would be 5 additional units of output per hour and that the price the firm receives for its good is $4 per unit. In the short run...
question
MPl=20, MPk=40, w=$16, r=32
answer
Which of the following sets of economic data is minimizing the cost of producing a given level of output?
question
$149
answer
For the cost function C(Q)=100+14Q+9Q^2+3Q^3, what is the marginal cost of producing 3 units of output?
question
50
answer
For the cost function C(Q)=200+3Q+8Q^2+4Q^3, what is the average fixed cost of producing 4 units of output?
question
C=20-4Q1Q2+8Q1^2+6Q2^2
answer
Which of the following cost functions exhibits cost complementarity?
question
0.85
answer
There are five firms in industry A with sales at $4 million, $3 million, $2 million, $2 million, and $2 million, respectively. The four-firm concentration ratio for industry A is...
question
0.7
answer
Having worked for many of the firms in the petroleum industry, you know that the price elasticity of demand for the industry is about -1.05. Moreover, a recent report from an economist in your office revealed that the price elasticity of demand for the petroleum product sold by your firm is -1.5. Based on this information you know that Rothschild index is...
question
$25.00
answer
The chemical industry has a Lerner index of 0.6. Based on this information, a firm with marginal cost of $10 should charge a price of...
question
Dansby-Willig index
answer
Which of the following is NOT considered a measure of firm conduct?
question
Behavior causes firms to have a certain performance
answer
The casual view of the industry believes that...
question
Monopolistic competition
answer
An industry has a four-firm concentration ratio of 5 percent and a Herfindahl-Hirschman index of 73. A representative firm has a Lerner index of 0.43 and a Rothschild index of 0.33. This industry is most likely by a model of...
question
P=MC
answer
Which of the following is true under monopolistic competition in the short run?
question
produce 40 units per time period
answer
You are a manager in a perfectly competitive market. The price in your market is $14. Your total cost curve is C(Q)=10+4Q+0.5Q^2. What should you do?
question
$95
answer
You are the manager of a monopoly that faces an inverse demand curve described by P=170-25Q. Your costs are C=15+20Q. The profit-maximizing price is...
question
monopolistically competitive market
answer
Differentiated goods are a feature of a...
question
$16 per unit
answer
Suppose a monopolist knows the own-price elasticity of demand for its products is -4 and that is marginal cost of production is constant MC(Q)=12. To maximize its profit, the monopoly price is ...
question
$50
answer
Suppose that initially the price is $50 in a perfectly competitive market. Firms are making zero economic profits. Then the market demand shrinks permanently, some firms leave the industry, and the industry returns to a long run equilibrium. What will be the new equilibrium price, assuming cost conditions in the industry remain constant?
question
changes in marginal cost may not affect prices
answer
The Sweezy model of oligopoly reveals that...
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