ECON-1010-A-Introduction to Microeconomics

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Table 10.3.2

Refer to Table 10.3.2, which gives Tania's Teapots' total cost schedule. When the firm increases output from 8 to 12 teapots per day, what is the firm's marginal cost of one of these 4 additional teapots produced per day?

$20 per teapot

0%

$5 per teapot

0%

$6.67 per teapot

100%

$2 per teapot

0%

$1 per teapot

0%

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Table 10.3.2

Refer to Table 10.3.2, which gives Tania's Teapots' total cost schedule. What is the firm's average total cost of producing 14 teapots per day?

$27.50 per teapot

0%

$1.75 per teapot

0%

$6.75 per teapot

0%

$7 per teapot

0%

$7.86 per teapot

100%

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Figure 9.3.3

Refer to Figure 9.3.3, which shows the original best affordable point at A and the new best affordable point at B. Which graphs show the case where good Y is an inferior good?

(b) and (d)

❌

(a) and (b)

✅

(a) and (c)

❌

(c) and (d)

❌

none of the graphs

❌

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Figure 9.3.4

Refer to Figure 9.3.4, which shows a consumer's choices and the consumer's budget. If the price of good X changes and the budget line shifts from RT to RS, what is the income effect of the price change?

The change in the quantity of good X as the consumer moves from

A to B.

0%

A to C.

❌

B to D.

0%

C to B.

0%

D to A.

0%

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Figure 9.1.2

Refer to Figure 9.1.2, which shows three budget lines. Which budget line shows the greatest real income in terms of carrots?

AD

❌

BD

❌

CD

❌

Real income is equal for all three budget lines.

✅

Cannot be determined without the consumer's indifference curves.

❌

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Figure 9.2.4

Refer to Figure 9.2.4, which shows possible indifference curves. Which of these indifference curves illustrates perfect complements?

(a)

0%

(b)

0%

(c)

0%

(d)

0%

(c) and (d)

❌

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Figure 9.3.1

Refer to Figure 9.3.1, which shows a consumer's budget line, indifference curve, and best affordable point. At the best affordable point, what is the consumer's the marginal rate of substitution between good X and good Y?

1/2

0%

4

0%

2

❌

3/4

0%

4/3

0%

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Figure 9.1.2

Refer to Figure 9.1.2, which shows three budget lines. Which budget line shows the greatest real income in terms of music downloads?

AD

❌

BD

❌

CD

✅

Real income is equal for all three budget lines.

❌

Cannot be determined without the consumer's indifference curves.

❌

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Table 8.3.1

Refer to Table 8.3.1, which sets out Devon's total utility from windsurfing and snorkeling activities. If windsurfing is $10 per hour, snorkeling is $5 per hour, and Devon has $55 to spend, how long will he choose to windsurf and to snorkel?

Devon makes the choice that gives him a consumer equilibrium, which is

1 hour of windsurfing and 9 hours of snorkeling

❌

5 hours of windsurfing and 1 hour of snorkeling

❌

4 hours of windsurfing and 3 hours of snorkeling

✅

3 hours of windsurfing and 5 hours of snorkeling

❌

2 hours of windsurfing and 7 hours of snorkeling

❌

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