Microeconomics Mock Exam
Microeconomics 203rd 20Mock 20Examination 20HS20 20Solutions
Microeconomics 203rd 20Mock 20Examination 20HS20 20Solutions
Set of flashcards Details
| Flashcards | 34 |
|---|---|
| Language | English |
| Category | Micro-Economics |
| Level | University |
| Created / Updated | 22.06.2020 / 04.11.2020 |
| Licencing | Not defined |
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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.
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
Which one of the following statements is correct?
Given is the supply function of a specific firm:
QS x = –400 + 8Px
a) The inverse supply function is:
If the unit price is $200, how big is the quantity supplied and the corresponding producer surplus?
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.
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.
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?
