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中级微观经济学

6If there are two goods with positive prices and the price of one good is reduced， while income；and other prices remain constant， then the size of the budget set is reduceD。

7If preferences are transitive， more is always preferred to less。

8With quasi-linear preferences， the slope of indifference curves is constant along all rays through the origin。

9Hans has 27 dollars， which he decides to spend on x and yCommodity x costs $16 per unit and commodity y costs $10 per unitHe has the utility function U（x， y）=5x2 + 2y2 and he can purchase fractional units of x and y

10Wanda Littlemore；s utility function is U（x， y） = x + 63y2Her income is 184If the priceof x is 1 and the price of y is 33， how many units of good x will Wanda demand？

11If preferences are quasilinear， then for very high incomes the income offer curve is a straight line parallel to one of the axes。

12If two goods are substitutes， then an increase in the price of one of them will increase the demand for the other。

13An Engel curve is a demand curve with the vertical and horizontal axes reverseD。

14Mike consumes two commodities， x and y； and his utility function is min{x +2y，y+2x}He chooses to buy 8 units of good x and 16 units of good yThe price of good y is 050What is his income？

15Quasilinear preferences are homothetic when the optimal amount of one of the goods is not affordable。

16Walt consumes strawberries and cream but only in the fixed ratio of three boxes of strawber ries to two cartons of creamAt any other ratio， the excess goods are totally useless to himThe cost of a box of strawberries is 10 and the cost of a carton of c

17Madonna buys only two goodsHer utility function is Cobb-DouglasHer demand functions have which of the following properties？

18The strong axiom of revealed preference requires that if a consumer chooses x when he can afford y； and chooses y when he can afford z； then he will not choose z when he can afford x。

19If a consumer maximizes a utility function subject to a budget constraint and has strictly convex preferences， then his behavior will necessarily satisfy the weak axiom of revealed preference and the strong axiom of revealed preference。

20The Laspeyres price index differs from the Paasche price index because the Laspeyres index holds prices constant and varies quantities while the Paasche price index holds quantities constant and varies prices。

21Let A stand for the bundle（7，9）；B stand for the bundle（10，5）； and C stand for the bundle（6，6）When prices are（2，4）； Betty chooses CWhen prices are（12，3） she chooses AWhich of the following is true？

22Remember that the Laspeyres price index uses the old quantities for the weightsIn 1971， good x cost 3 and good y cost 1The current price of good x is 3 and the current price of good y is 5In 1971 the consumption bundle was（x，y） =（3，5）The current consu

23It follows from the weak axiom of revealed preference that if a consumer chooses x when he could afford y and chooses y when he could afford x； then his income must have changed between the two observations。

24At prices（4，12）； Harry chooses the bundle（9，4）At the prices（8，4）； Harry chooses the bundle（2，9）Is this behavior consistent with the weak axiom of revealed preference？

25A student spends all of her income on pizza and booksWhen pizzas cost $3 each and books cost $10 each， she consumed 30 pizzas and 3 books per monthThe price of pizzas fell to $290 each while the price of books rose to $11 eachThe price chang

26A Giffen good must be an inferior gooD。

27The compensated demand function refers to the demand function of someone who is adequately paid for what he for she sells。

28In the case of homothetic preferences the entire change in demand from a price change is due to the substitution effect。

29Walt considers x and y to be perfect substitutesThey originally cost 10 and 9 respectivelyHis income is 720One day the price of x drops to 8Which of the following is true？

30Suppose that bananas are a normal good and Woody is currently consuming 100 bananas at a price of 10 cents each。

31John purchases two goods， x and yGood x is an inferior good for some range of incomeThere must be another range of income for which good x is a normal gooD。

32The following can be said about the income and substitution effects of a price increase on the demand for the good whose price ros

33When the price of x rises， Marvin responds by changing his demand for xThe substitution effect is the part of this change that represents his change in deman

34Suppose that bananas are a normal good and Woody is currently consuming 100 bananas at a price of 10 cents each

35If a rational utility maximizer is a net demander of a good， and if an increase in its pricecauses him to buy more of it， then it must be an inferior gooD。

36If a consumer is a buyer of some goods and a seller of others， then a change in prices will generate an extra income effect in the Slutsky equation due to the revaluation of the consumer；s endowment。

37If a utility maximizer is a net seller of something and the price of that good rises while other prices stay constant， her situation might improve so much that she becomes a net buyer。

38Marsha Mellow is very flexibleShe consumes x and yShe says `Give me x or give me y； I don；t careI can；t tell the difference between them； She is currently endowed with 14 units of x and 6 units of yThe price of x is 4 times the price o

39Yoram insists on consuming 3 times as much y as he consumes of x（so he always has y = 3x）He will consume these goods in no other ratioThe price of x is 2 times the price of yYoram has an endowment of 24 x0s and 42 y0s which he can trade at the going pr

40If leisure is a normal good， then an increase in non-labor income will reduce labor supply。

41MrCog has 18 hours per day to divide between labor and leisureHis utility function is U（C，R） = CR； where C is dollars per year spent on consumption and R is hours of leisureIf he has a nonlabor income of 40 dollars per day and a wage rate of 8 dollars

42If Abishag owns 12 quinces and 10 kumquats， and if the price of kumquats is 3 times the price of quinces， how many kumquats can she afford if she buys as many kumquats as she can？

43If Abishag owns 16 quinces and 15 kumquats， and if the price of kumquats is 4 times the price of quinces， how many kumquats can she afford if she buys as many kumquats as she can？

44Yoram insists on consuming 3 times as much y as he consumes of x（so he always has y = 3x）He will consume these goods in no other ratioThe price of x is 2 times the price of yYoram has an endowment of 24 x；s and 42 y；s which he can trade at th

45Consumer；s surplus is another name for excess demanD。

46The equivalent variation in income from a tax is the amount of extra income that a consumer would need in order to be as well off after the tax is imposed as he was originally。

47With quasilinear preferences， the equivalent variation and the compensating variation in income due to a tax are the same。

48Ella；s utility function is min{4x，y}If the price of x is 15 and the price of y is 20， howmuch money would she need to be able to purchase a bundle that she likes as well as the bundle（x，y） =（5，8）？

49Sir Plus has a demand function for mead that is given by the equation D（p） = 100-PIf the price of mead is 75， how much is Sir Plus；s net consumer surplus？

50Sam has quasilinear preferences and his demand function for x is D（p） = 15-p/3The price of x is initially $15 per unit and increases to $24 per unitSam；s change is consumer surplus is the closest to：

51At the initial prices， Teodoro is a net seller of apples and a net buyer of bananasIf the price of apples decreases and the price of bananas does not chang

52The inverse demand curve P（x） for a good x measures the price per unit at which the quantity x would be demandeD。

53If a price changes， then changes in consumption at the intensive margin are changes that happen because consumers alter the amounts that they consume， but do not either stop consuming or start consuming the gooD。

54If the demand function is q = 3m=p； where m is income and p is price， then the absolute value of the price elasticity of demand decreases as price increases。

55A peck is 1/4 of a bushelIf the price elasticity of demand for bran is -02 when bran ismeasured in bushels， then when bran is measured in pecks， the price elasticity of demand for bran will b

56The demand function is described by the equation q（p） = 190- p/5The inverse demand function is described by：

57Marginal revenue is equal to price if the demand curve is horizontal。

58The constant elasticity of demand for cigarettes has been estimated to be 05To reduce smoking by 75%， approximately how much tax needs to be added to a $1 pack？

59If the marginal cost of brewing beer is 40 cents and the profit maximizing price is 80 cents，then the price elasticity of demand is

60If the supply curve is vertical， then the amount supplied is independent of price。

61The supply curve slopes up and to the rightIf the demand curve shifts upward to a new curve which is everywhere higher than the old curve（but possibly of different slope） and if the supply curve does not shift， then the equilibrium price and quantity mus

62An economic situation is Pareto optimal only if there is no way to make someone better off。

63The demand for pickles is given by p=131-2q and supply is given by p=5+7qWhat is the equilibrium quantity？

64The demand function for fresh strawberries is q = 200-5p and the supply function isq=60+2pWhat is the equilibrium price？

65If a quantity tax is collected from competitive suppliers of a good， placing a tax on the good causes the price paid by consumers to increase more than if the tax had been collected directly from the buyers。

66The demand function for x is D（p） = 65-2p and the supply function is S（p） = 20 + pThe price that should be set to restrict quantity supplied to 30 units is closest to：

67The demand function for rental apartments is q = 960-7p and the supply function is q = 160 + 3pThe government makes it illegal to charge a rent higher than 35How much excess demand will there be？

68The production set of a firm is the set of all products the firm can produce。

69A production isoquant is a locus of combinations of inputs that are equally profitable。

70If a firm moves from one point on a production isoquant to another point on the same isoquant， which of the following will certainly NOT happen？

71In any production process， the marginal product of labor equals：

72The production function f（x，y） = x + y has constant returns to scale。

73The production function Q = 50K075L075 exhibits

74A firm has a production function f（x，y）=1：10（x020 + y020）5 whenever x > 0 and y > 0

75The marginal product of a factor is just the derivative of the production function with respect to the amount of this factor， holding the amounts of other factor inputs constant。

76The weak axiom of profit maximizing behavior states that in a modern mixed economy， firms have only a weak incentive to maximize profits。

77A fixed factor is a factor of production that is used in fixed proportion to the level of output。

78A competitive firm produces output using three fixed factors and one variable factorThe firm；s short run production function is ；， where x is the amount of variable factor usedThe price of output is $3 per unit and the price of the variable factor

79A profit-maximizing competitive firm uses just one input， xIts production function is q = 8x1/2The price of output is 16 and the factor price is 8The amount of the factor that the firm demands is：

80Just as in the theory of utility maximizing consumers， the theory of profit maximizing firms allows the possibility of "Giffen factors"These are factors for which a fall in price leads to a fall in demanD。

81The production function is given by F（L）=6L2/3 Suppose that the cost per unit of labor is 12 and the price of output is 6， how many units of labor will the firm hire？

82When Farmer Hoglund applies N pounds of fertilizer per acre， the marginal product of fertilizer is 1-（N=200） bushels of cornIf the price of corn is $1 per bushel and the price of fertilizer is $040 per pound， then how many pounds of fertilizer per acre

83A competitive firm produces output using three fixed factors and one variable factorThe firms short run production function is q=163x-2x2 ， where x is the amount of variable factor usedThe price of output is $3 per unit and the price of the variabl

84A firm in a competitive industry takes account of the fact that the demand curve it confronts has a significant negative slope。

85In a perfectly competitive industry， the demand curve for the total output of the industry may be downward sloping。

86Price equals marginal cost is a sufficient condition for profit maximization。

87A profit maximizing firm continues to operate even though it is losing moneyIt sells its product at a price of $100From these facts we deduce that：

88A profit maximizing dairy farm is currently producing 10，000 gallons of milk per dayThe government is considering two alternative policiesOne is to give the farm a lump sum subsidy of $500 per monthThe other policy is to give the farm a subsidy of $05

89The cost function c（w1，w2，y） expresses the cost per unit of output of producing y units of output if equal amounts of both factors are useD。

90If it costs $10 to set up and later clean a bagel press and bagels cost $1 per week， per bagel， to store， how many times should the bagel press be run each week to produce 500 bagels a week to be sold continuously？

91If output is produced according to Q = 4LK， the price of K is $10， and the price of L is$10， then the cost minimizing combination of K and L capable of producing 16 units of output is

92The average variable cost curve must always be U shapeD。

93The marginal cost curve passes through the minimum point of the average fixed cost curve。

94The change in producers surplus when the market price changes from p1 to p2 is half of the area to the left of the marginal cost curve between p1 and p2。

95A firm has the long run cost function C（q）=4q2 + 4In the long run， it will supply a positive amount of output， so long as the price is greater than：

96Suppose that Dent Carrs long run total cost of repairing s cars per week is c（s）=3s2 + 27If the price he receives for repairing a car is 30， then in the long run， how many cars will he fix perweek if he maximizes profits？

97Microsoft is a/an（）in Windows operating system

98Monopoly is（）

99Monopoly maximizes its profit mainly rely on its（）

100When monopolistic profit has been maximized， its marginal cost is（）than its marginal revenue

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