- •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. The basic or fundamental allocation questions in economics include
a. What is the price to maximize sales? What is the output level to maximize profits?
b. Is advertising desirable in a market? What is the optimal level of advertising?
c. What to produce? How much should be produced? Who should get the output?
d. What is the appropriate money supply to keep interest rates at a minimum?
4. Indifference curves
a. Tend to intersect when the consumer is in equilibrium
b. Tend to intersect when the consumer is maximizing utility
c. Both a and b above
d. Will not intersect if consumer’s preferences are transitive
Individual homework (До Чинь)
Variant 10
The price of commodity has increased from 1,5 to 2 dol. and volume of supply has increased from 10 to 12 units. Determine the coefficient of price elasticity and comment the result.
Firm produces 10 th. units in a year. Marginal costs of the firm are 175 doll., average costs are 215 doll. Find profit of the firm in the case if one unit price is 250 doll. and marginal revenue is 185 doll. Explain if this profit is highest?
“Microeconomics” has several other names. Sometimes microeconomics is called
a. neoclassical economics
b. price theory
c. both of the above
4. “Marginal” is a term used in economics to refer to
a. The rate of change in a dependent variable caused by a change in some other independent variable
b. The slope of a line that represents a functional relationship between two variables
c. The first derivative of a function
d. All the above
Individual homework (Михно т.)
Variant 11
Build budget line of consumer if equation of budget line is 300 = 5Qх + 10Qу, where, 300 dollars – is consumer income, Qх – is quantity of good X, 5 dollars – is a price of good X; Qу – is quantity of good Y, 10 dollars – price of good Y. How will budget line change if income rise up to 400 dollars, price of good X isn’t change and price of Y rise up to 20 dollars.
Free competitive firm produces 10 th. phones in a year. Average variable costs are 120 doll., total fixed costs are 700 th. doll. Find the profit of the firm if market price of one phone is 245 doll.
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
a. Explain
b. Predict
c. Both the above
4. Indifference curves are ignored or irrelevant beyond where their slopes are 0 or infinity because
a. The price of the goods has increased to exceed the buyer’s budget
b. At that point the good has 0 marginal utility and MU becomes negative as more units are added
c. At that point the good has 0 total utility
d. All the above
Individual homework (Леонтьева и.)
Variant 12
Budget of consumer is 54 dollars, MUX = 60 – 2QX; MUY = 48 – QY; PX = 2 dol.; РY = 4 dol. Find quantity of goods X and Y in the point of consumer equilibrium.
Imagine that monopolist can sell 150 units on price 50 doll. per unit, but if he decide to sell 151 units the price will decrease till 45 doll. Find marginal revenue of monopolist in the case of output increase from 150 till 151 units.