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Fenster schliessen

Which-one(s) of the following statement(s) is/are correct? 

I. Under the conditions of perfect competition, the supply function calculates the quantity a supplier is willing to produce in function of the selling price as well as the cost of the input factors needed for production, and the cost of complementary goods and/or substitutes.

II. Given everything else is held constant, an increase in the cost of labour leads to upward shift of the supply curve. Mathematically, this corresponds to a higher intercept.

III. An increase in the cost of the input factors has no effect on the supply curve because the market price decides, which quantity a firm is willing to supply. 

Statements I and II are correct.

All three statements are correct.

Statements II and III are correct.

Fenster schliessen

Which-one of the following statements is correct?

Given are the following denotations:

MPL : marginal product of labour

MPK : marginal product of capital

PL : price of labour

PK : price of capital

If a firm wants to maximise output per monetary unit of input cost, then, given a two-factor production function with labour and capital, the following condition must hold: MPL = MPK .

If a firm wants to maximise output per monetary unit of input cost, then, given a two-factor production function with labour and capital, the following condition must hold: MPL/PL = MPK/PK .

If a firm wants to maximise output per monetary unit of input cost, then, given a two-factor production function with labour and capital, the following condition must hold: MPL × PL = MPK × PK .

Fenster schliessen

Which one of the following statements is correct? 

Under the conditions of perfect competition, firms are price takers only if they must lower their price to sell more units

Under the conditions of monopolistic competition, in the absence of price discrimination, marginal revenue is not constant. It increases if more units are produced and sold at the market price

Under the conditions of perfect competition marginal revenue is equal to average revenue.

Fenster schliessen

Given is the supply function of a specific firm:

QS x = –400 + 8Px

a) The inverse supply function is:

Px = 0.25QS x + 50

Px = 0.152QS x + 5

Px = 0.125QS x + 50

None of the above

Fenster schliessen

If the unit price is $200, how big is the quantity supplied and the corresponding producer surplus?

Q supplied 1500 units / P surplus 180,000

Q supplied 1750 units / P surplus 180,000

Q supplied 1000 units / P surplus 90,000

Q supplied none of the above / P surplus 90,000

Fenster schliessen

Assume that an individual supplier has the following supply function:

QS x = –200 + 4Px – 5 W

Where:            QS x : quantity supplied

Px : selling price for one unit

W : wage per hour

Which of the three functions below represents the aggregate market supply curve?
Assume that the wage per hour is 20, and that the market consists of 10 identical firms.

Px = 0.025QS x + 150

Px = 0.025QS x + 75

Px = 0.25QS x + 75

None of the above

Fenster schliessen

Which-one(s) of the following statement(s) is/are correct?

I. Consumer choice theory can be defined as the branch of microeconomics that relates consumer demand curves to production and cost theory.

II. A consumption bundle, or consumption basket, is a specific combination of goods and services that a consumer would like to consume.

III. Under reasonable assumptions, it is possible to come up with a rule that translates the quantities of goods in different baskets into a number. That assignment is called the utility function of that consumer.

Statements I and II are correct

All three statements are correct.

Statements II and III are correct.

Fenster schliessen

Rowena and John both have identical bundles of good A and good B, however they are NOT on the same indifference curve.

The marginal rate of substitution MRSA for B for Rowena is 5, whereas the MRSA for B for John is 0.2 . They both agree to exchange one unit of A for one unit of B.

Which of the following statements is correct?

If Rowena gives to John one unit of B in exchange for one unit of A, they will, as a result, both end up on a higher-ranking indifference curve.

If Rowena gives to John one unit of B in exchange for one unit of A, she will, as a result, end up on a higher-ranking indifference curve. Al, however, will stay on the original indifference curve

If Rowena gives to John one unit of A in exchange for one unit of B, they will, as a result, both end up on a higher-ranking indifference curve

None of the above.