- •Individual homework (Цыганенко а.)
- •Variant 1
- •3. Economics is the study of
- •4. A consumer’s utility function is “transitive” if
- •Individual homework (Солоденко а.)
- •Variant 2
- •When confronted with scarcity societies and individuals attempt to resolve the problems with
- •Individual homework (Блощицына с.)
- •Variant 3
- •3. Epistemology is the
- •Individual homework (Свичкарь м.)
- •Variant 4
- •A general rule for optimization is, If
- •The determinants of demand include
- •Individual homework (Светиков д.)
- •Variant 5
- •The person credited with the notion of “falsification” as a means to increasing knowledge is
- •4. A change in demand could be the result of
- •Individual homework (Реков д.)
- •Variant 6
- •Normative issues in economics involve
- •In addition to the condition of transitivity, consumer’s utility function must
- •Individual homework (Коршиков м.)
- •Variant 7
- •A change in the quantity purchased of a good (X) that is caused by a change in the price of the good (X) ceteris paribus is referred to as
- •4. When considering a consumer’s indifference curves for two goods with positive utility (and not perfect compliments or substitutes), the curves will
- •Individual homework (Чепракова а.)
- •Variant 8
- •3. The primary objective of an economic system is to
- •4. The “Marginal rate of Substitution” (mrs) can be perceived as the
- •Individual homework (Макаренко а.)
- •Variant 9
- •3. The basic or fundamental allocation questions in economics include
- •4. Indifference curves
- •Individual homework (До Чинь)
- •Variant 10
- •4. “Marginal” is a term used in economics to refer to
- •Individual homework (Михно т.)
- •Variant 11
- •3. The Instructor argues that theory can be used to transmit values and beliefs. Objectives most often held for theory (not just economic theory) are
- •4. Indifference curves are ignored or irrelevant beyond where their slopes are 0 or infinity because
- •Individual homework (Леонтьева и.)
- •Variant 12
- •3. Theory can be thought of as
- •4. The consumer will maximize their utility when
- •Individual homework (Киеу Вет Чинь)
- •Variant 13
- •3. One of the key concepts that are used in economic analysis is “opportunity cost.” Opportunity cost exists because
- •Individual homework (Николаенко к.)
- •Variant 14
- •Opportunity cost must include
- •The budget constraint is reflected in
3. Epistemology is the
a. Use of technology to resolve issues of relative scarcity
b. A branch of economics that deals with the evolution and change of market structures
c. A study of the nature and limits of knowing
d. Use of science to improve the technology of production
4. If a demand schedule were QX = 80 – 4PX , the quantity intercept is
a. -20
b. 20
c. 80
d. –4
Individual homework (Свичкарь м.)
Variant 4
Functions of demand and supply are: Qs = 1000 + 20 P; Qd = 200 + 30 P. Find the price and volume of equilibrium. What will happen if supply curve shifts to the right?
Find average fixed, average variable, average total costs and profit of firm according such data (per year):
Expenditures on raw materials – 150 th. doll.
Expenditures on lighting – 10 th. doll.
Transport expenditures – 20 th. doll.
Wages of directors board – 70 th. doll.
Wages of piece-workers 200 th. doll.
Value of equipment – 3 bil. doll.
Term of equipment exploitation is 10 years.
Rent payments – 10 th. doll.
Total output – 2.5 th. units.
Market price of one unit – 500 doll.
A general rule for optimization is, If
a. MC >MB, do it!
b. MB < MC, do it!
c. MB > MC, do it!
d. MB < MC, don’t do it!
The determinants of demand include
a. Supply of the good
b. Prices, incomes, preferences
c. The number of sellers in the market
d. All the above
Individual homework (Светиков д.)
Variant 5
Functions of demand and supply are: Qd = 1000-40 Р; Qs = 300 + 30 Р. Find the price and volume of equilibrium. What will happen with market equilibrium in the case if government sets fixed price – 6 dol.
Firm is going to produce new product X. Free money resources of the firm are 2800 doll. Firm is going to spend all these resources for 2 inputs: labour and capital. Inputs productivity and prices of resources are: МРL = 800 – 80L; МРК = 4800 - 240К; РL = 40$; Рк = 120$. Find combination of inputs in the point of firm equilibrium.
The person credited with the notion of “falsification” as a means to increasing knowledge is
a. Thomas Kuhn
b. Karl Popper
c. Milton Friedman
d. Adam Smith
4. A change in demand could be the result of
a. A change in supply
b. A change in the price of the good
c. A change in incomes or preferences
d. All the above
Individual homework (Реков д.)
Variant 6
Magnitudes of of supply and demand are done in the table.
Price (dol.) |
Demand (units) |
Supply (units) |
6 |
30 |
15 |
8 |
25 |
20 |
10 |
20 |
25 |
12 |
15 |
30 |
Find:
1. Price elasticity of demand if price equals 8 and 10 dol. per unit.
2. Price and volume of equilibrium.
In short run firm produces 100 units. Average variable costs are 20 doll., total fixed costs are 4000 doll. Find total and average costs of the firm.